10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

OR

__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________________ to _______________

Commission File Number: 33-59650

REVLON CONSUMER PRODUCTS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	13-3662953
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One New York Plaza, New York, New York	10004
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: 212-527-4000

Securities registered pursuant to Section 12(b) or 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer x	Smaller reporting company ¨
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).      Yes ¨ No x

The aggregate market value of voting stock held by non-affiliates of the registrant is not applicable as all 5,260 outstanding shares the registrant's common stock were held by one affiliate, Revlon, Inc. at December 31, 2014.

The registrant meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K as, among other things, all of the registrant’s equity securities are owned directly by Revlon, Inc., which is a reporting company under the Securities Exchange Act of 1934 and which has filed with the SEC on March 12, 2015 all of the material required to be filed pursuant to Section 13, 14 or 15(d) thereof and the registrant is therefore filing this Form 10-K with a reduced disclosure format, which omits the information otherwise required by Items 4, 10, 11, 12 and 13 as permitted under General Instruction I(2)(c) on Form 10-K.

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Form 10-K

For the Year Ended December 31, 2014

Table of Contents

PART I
Item 1.	Business	2
Item 1A.	Risk Factors	9
Item 1B.	Unresolved Staff Comments	21
Item 2.	Properties	21
Item 3.	Legal Proceedings	21
Item 4.	Mine and Safety Disclosures. Not applicable.	21
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	22
Item 6.	Selected Financial Data	23
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	51
Item 8.	Financial Statements and Supplementary Data	53
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	53
Item 9A.	Controls and Procedures	53
Item 9B.	Other Information	54
PART III
Item 10.	Directors, Executive Officers and Corporate Governance (intentionally omitted pursuant to General Instruction I(2)(c) of Form 10-K)	59
Item 11.	Executive Compensation (intentionally omitted pursuant to General Instruction I(2)(c) of Form 10-K)	59
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (intentionally omitted pursuant to General Instruction I(2)(c) of Form 10-K)	59
Item 13.	Certain Relationships and Related Transactions, and Director Independence (intentionally omitted pursuant to General Instruction I(2)(c) of Form 10-K)	59
Item 14.	Principal Accountant Fees and Services	59
PART IV
Item 15.	Exhibits and Financial Statement Schedules	61
	Index to Consolidated Financial Statements and Schedules	F-1
	Report of Independent Registered Public Accounting Firm (Consolidated Financial Statements)	F-2
	Financial Statements	F-3
	Financial Statement Schedule: Schedule II - Valuation and Qualifying Accounts	F-65
	Signatures	F-67
	Certifications
	Exhibits

1

PART I

Item 1. Business

Background

Revlon Consumer Products Corporation ("Products Corporation" and together with its subsidiaries, the "Company") is the wholly-owned operating subsidiary of Revlon, Inc., which is a direct and indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than Revlon, Inc. and the Company, "MacAndrews & Forbes"), a corporation wholly-owned by Ronald O. Perelman.

The Company was founded over 80 years ago by Charles Revson, who revolutionized the cosmetics industry by introducing nail enamels matched to lipsticks in fashion colors. Today, the Company continues Revson's legacy by producing and marketing innovative products that address consumers' wants and needs for beauty and personal care products.

The Company currently operates in two segments, the consumer division (“Consumer”) and the professional division (“Professional”), and manufactures, markets and sells worldwide an extensive array of beauty and personal care products, including cosmetics, hair color, hair care and hair treatments, beauty tools, men's grooming products, anti-perspirant deodorants, fragrances, skincare and other beauty care products. The Company believes that its global brand name recognition, product quality, R&D, new product innovation and marketing experience have enabled it to create leading global consumer and professional brands.

The Company’s Consumer segment is comprised of products that are manufactured, marketed and sold primarily within the mass retail channel in the U.S. and internationally, as well as certain department stores and other specialty stores outside the U.S., under brands such as Revlon, Almay, SinfulColors and Pure Ice in cosmetics; Revlon ColorSilk in women’s hair color; Revlon in beauty tools; and Mitchum in anti-perspirant deodorants.

The Company's Professional segment manufactures, markets and sells professional products primarily to hair and nail salons and distributors in the U.S. and internationally under brands such as Revlon Professional in hair color, hair care and hair treatments; CND in nail polishes and enhancements, including CND Shellac and CND Vinylux nail polishes; and American Crew in men’s grooming products. The Professional segment also includes Creme of Nature in multi-cultural hair care, which is sold in both the professional channel and in the mass retail channel, primarily in the U.S.

The Company's Business Strategy

The Company’s vision is to establish Revlon as the quintessential and most innovative beauty company in the world by offering products that make consumers feel attractive and beautiful. We want to inspire our consumers to express themselves boldly and confidently.

The Company’s strategic goal is to optimize the market and financial performance of its portfolio of brands and assets. The business strategies employed by the Company to achieve this goal are:

1. Manage financial drivers for value creation. Gross profit margin expansion, which includes optimizing price, allocating sales allowances to maximize our return on trade spending and reducing costs across our global supply chain. In addition, we are focused on eliminating non-value added general and administrative costs in order to fund reinvestment to facilitate growth.

2. Grow profitability through intensive innovation and geographical expansion. Creating fewer, bigger and better innovations across our brands that are relevant, unique, impactful, distinctive, and ownable. We are also focused on pursuing organic growth opportunities within our existing brand portfolio and existing channels, and pursuing opportunities to expand our geographical presence.

3. Improve cash flow. Improving our cash flows through, among other things, continued effective management of our working capital and by focusing on appropriate return on capital spending.

4. People. Attracting, developing and supporting employees who fit into our innovative culture and inspire the creative drive that represents the foundation of our vision and execution of our strategy.

Recent Transactions

Integration Program

On October 9, 2013 (the “Acquisition Date”), Products Corporation acquired The Colomer Group Participations, S.L. ("Colomer" and the "Colomer Acquisition"), a Spanish company, for a cash purchase price of $664.5 million. The Colomer Acquisition has provided the Company with broad brand, geographic and channel diversification as well as distribution into new channels and cost synergies and comprises the entirety of the Company's Professional segment. In addition, the Colomer Acquisition has provided opportunities to achieve additional growth by leveraging the combined Company's enhanced innovation capability

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

and know-how and improve its anticipation of consumer trends in hair color and hair care, nail color and nail care, and skin care as these trends typically appear first in salons. The Company accounted for the Colomer Acquisition as a business combination in the fourth quarter of 2013 and Colomer's results of operations have been included in the Company’s Consolidated Financial Statements since the date of acquisition.

The Company's integration initiatives in connection with the Colomer Acquisition have included actions to integrate Colomer's operations into the Company's business, as well as additional restructuring actions to reduce costs across the Company's businesses (all such actions, together the “Integration Program”). The Integration Program is designed to deliver cost reductions throughout the combined organization by generating synergies and operating efficiencies within the Company’s global supply chain, consolidating offices and back office support, as well as actions designed to reduce selling, general and administrative expenses. Certain actions that are part of the Integration Program are subject to consultations with employees, works councils or unions and governmental authorities. The Company plans to substantially complete the Integration Program by the end of 2015.

The Company expects to recognize total restructuring charges, capital expenditures and related non-restructuring costs under the Integration Program of approximately $50 million in the aggregate through 2015, and to achieve annualized cost reductions of approximately $30 million to $35 million by the end of 2015. Through 2014, the Company recognized $20.1 million in restructuring and related costs in connection with the Integration Program, while approximately $17.0 million of realized cost reductions benefited the Company's 2014 results. For further discussion of the Colomer Acquisition and the Integration Program, see Note 2, "Business Combination" and Note 3, "Restructuring Charges - Integration Program" to the Consolidated Financial Statements in this Form 10-K.

Debt Transactions

During the year ended December 31, 2014, the Company completed the following debt transactions:

• February 2014 Term Loan Amendment: In February 2014, Products Corporation entered into an amendment (the “February 2014 Term Loan Amendment”) to its amended term loan agreement, which is comprised of (i) the $675.0 million term loan due November 19, 2017 (the "2011 Term Loan") and (ii) the $700.0 million term loan due October 8, 2019 (the "Acquisition Term Loan"), which has $693.0 million in aggregate principal balance outstanding as of December 31, 2014 (together, the "Amended Term Loan Agreement"). The February 2014 Term Loan Amendment reduced the interest rates applicable to Eurodollar Loans under the 2011 Term Loan to the Eurodollar Rate plus 2.5% per annum, with the Eurodollar Rate not to be less than 0.75% (as compared to 3.0% and 1.0%, respectively, prior to the February 2014 Term Loan Amendment) and the interest rates applicable to Alternate Base Rate Loans under the 2011 Term Loan to the Alternate Base Rate plus 1.5%, with the Alternate Base Rate not to be less than 1.75% (as compared to 2.0% in each case prior to the February 2014 Term Loan Amendment).

• Repayment of Non-Contributed Loan:InMay 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the non-contributed loan portion of the Amended and Restated Senior Subordinated Term Loan Agreement (the "Non-Contributed Loan") that remained owing from Products Corporation to various third parties.  The Non-Contributed Loan would have otherwise matured on October 8, 2014.

See Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources – Long-Term Debt Instruments” for further discussion of the above debt transactions.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Products

The Company manufactures and markets a variety of products worldwide. The following table sets forth the Company's principal brands included in its Consumer and Professional segments by product category:

Segment	COSMETICS	HAIR	MEN'S GROOMING	BEAUTY TOOLS	FRAGRANCE	ANTI-PERSPIRANT DEODORANTS	SKINCARE / BODYCARE
Consumer	Revlon	Revlon ColorSilk		Revlon	Charlie	Mitchum	Gatineau
	Almay	Llongueras*			Jean Naté		Natural Honey
	SinfulColors
	Pure Ice
Professional	CND	Revlon Professional	American Crew
		Intercosmo	d:fi
		Orofluido
		UniqOne
		Creme of Nature

*Licensed from a third party

Consumer Segment:

The Company’s Consumer segment includes cosmetics, hair color and hair care, beauty tools, anti-perspirant deodorants, fragrances and skincare products sold in approximately 150 countries in the mass retail channel in the U.S. and internationally, as well as in certain department stores and other specialty stores outside the U.S.

Cosmetics-The Company manufactures and markets a broad range of cosmetics, including face, lip, eye and nail products. Certain of the Company’s products incorporate patented, patent-pending or proprietary technology. See “New Product Development and Research and Development.”

• Revlon: The Company sells a broad range of cosmetics under its flagship brand designed to fulfill consumer wants and needs, principally priced in the upper range of the mass retail channel. The Revlon brand is comprised of face makeup, including foundation, powder, blush and concealers; lip makeup, including lipstick, lip gloss and lip liner; eye makeup, including mascaras, eyeliners, eye shadows and brow products; and nail color and nail care lines. Revlon products include innovative formulas and attractive colors that appeal to wide range of consumers. Key franchises within the Revlon brand include:

◦ Revlon ColorStay offers consumers a full range of products with long-wearing technology;

◦ Revlon PhotoReady products are offered in face and eye and are designed with innovative photochromatic pigments that bend and reflect light to give a flawless, airbrushed appearance in any light;

◦ Revlon Age Defying in face is targeted for women in the over-35 age bracket, incorporating the Company's patented Botafirm ingredients to help reduce the appearance of fine lines and wrinkles;

◦ Revlon Super Lustrous is the Company's flagship wax-based lipcolor, offered in a wide variety of shades of lipstick and lip gloss;

◦ Revlon ColorBurst in lip offers on-trend lip glosses and balms in vibrant colors that address consumers' needs for high-shine lipgloss and softening, smoothing and instantly hydrating balm; and

◦ Revlon Grow Luscious includes both a lengthening and plumping mascara with a lash enhancing formula that improves the lashes' overall appearance and conditions with each use.

• Almay: The Company’s Almay brand consists of hypo-allergenic, dermatologist-tested, fragrance-free cosmetics and skincare products. The Almay brand is comprised of face makeup, including foundation, pressed powder, primer and concealer; eye makeup, including eye shadows, mascaras and eyeliners; lip makeup; and makeup removers. Key franchises within the Almay brand include Almay Smart Shade in face; Almay Intense i-Color in eye; and Almay Color + Care in lip.

• SinfulColors and Pure Ice: The Company’s SinfulColors and Pure Ice brands consist primarily of value-priced nail enamels, available in many bold, vivid and on-trend colors.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Hair - The Company sells both hair color and hair care products throughout the world in the mass retail channel, primarily under the Company's Revlon ColorSilk franchise, as well as under the premium priced Llongueras brand in Spain. Revlon ColorSilk products provide radiant, long-lasting color that leaves hair nourished, hydrated and ultra-conditioned.

Beauty tools - The Company sells Revlon beauty tools, which include nail, eye and manicure and pedicure grooming tools, eye lash curlers and a full line of makeup brushes under the Revlon brand name.

Fragrances - The Company sells a selection of moderately-priced fragrances, including perfumes, eau de toilettes, colognes and body sprays. The Company’s portfolio includes fragrances under globally-recognized brand names such as Charlie and Jean Naté.

Anti-perspirant deodorants - The Company sells Mitchum anti-perspirant deodorant products for men and women, with patented ingredients which provide consumers with up to 48 hours of protection.

Skincare - The Company sells skincare products in the U.S. and in global markets under various regional brands, including the Company’s Natural Honey, Gatineau and Ultima II brands.

Professional Segment: 

The Company’s Professional segment includes a comprehensive line of products sold in the professional channel, including hair color, shampoos, conditioners, styling products, nail polishes and nail enhancements. The Professional segment also includes a multi-cultural line sold in both professional and mass retail channels.

Professional brands-

• RevlonProfessional: The Company’s Revlon Professional brand includes hair color, hair care and hair treatment products, which are distributed exclusively in the professional channel to salons, salon professionals and salon distributors and sold in more than 60 countries.Revlon Professional is synonymous with innovation, fashion and technology to service the most creative salon professionals and their clients. Revlon Professional salon products include Revlonissimo NMT, Nutri Color Creme, Sensor Perm and Revlon Professional Equave.

• American Crew and d:fi: TheCompany sells men's shampoos, conditioners, gels and other hair care and grooming products for use and sale by professional salons under the American Crew brand name. American Crew is the “Official Supplier to Men” of quality grooming products that provide the ultimate usage experience and enhance a man's personal image. American Crew is the leading salon brand created specifically for men and is sold in more than 30 countries. The Company also sells men's hair products under the d:fi brand, which is a value-priced full line of cleansing, conditioning and styling products.

• CND: The Company sells nail enhancement systems and nail color and treatment products and services for use by the professional salon industry under the CND brand name. CND is the global leader in professional nail, hand and foot care products, and CND-branded products are sold in more than 75 countries. CND nail products include:

◦ CND Shellac, the original Power Polish that requires UV curing, delivers more than 14 days of flawless wear, superior color and mirror shine with zero dry-time and no nail damage. CND Shellac is a true innovation of chip-free, extended-wear nail color; and

◦ CND Vinylux, a breakthrough polish system that uses a patent-pending technology to provide an enduring, long-lasting polish that lasts a week. While ordinary polishes become brittle and deteriorate over time, CND Vinylux dries with exposure to natural light to a flawless finish and strengthens its resistance to chips over time.

• The Company also sells professional hair products under brand names such as Orofluido, UniqOne and Intercosmo.

Multi-cultural hair - The Company sells multi-cultural hair-care products in the mass retail channel and professional channel primarily in the U.S. under the Creme of Nature brand.

Marketing

Consumer Segment: Within the Consumer segment, the Company markets extensive consumer product lines covering a broad range of price points within the mass retail channel in the U.S. and internationally and certain other channels outside of the U.S.

The Company uses print, television and outdoor advertising, digital marketing and public relations, as well as point-of-sale merchandising, including displays and samples, coupons and other trial incentives. The Company's marketing is designed to emphasize a uniform global image for its portfolio of core brands. The Company coordinates advertising campaigns with in-store promotional and other marketing activities. The Company develops jointly with retailers customized, tailored point-of-purchase and other focused marketing programs.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

The Company also uses cooperative advertising programs, Company-paid or Company-subsidized demonstrators, and coordinated in-store promotions and displays. Other marketing materials designed to introduce the Company's newest products to consumers and encourage trial and purchase in-store include trial-size products and couponing.

Professional Segment: In the Professional segment, the Company markets products through educational seminars on such products' application methods and consumer benefits, and through trade professional advertising, digital marketing, displays and samples to communicate to professionals and consumers the quality and performance characteristics of such products. Additionally, in countries where the Professional segment has operations, the direct sales force provides customers with point of sale communication and merchandising.

The Company believes that its presence in the professional channel will provide benefits to its consumer products business as it will enable the Company to improve its anticipation of consumer trends in hair color and hair care, nail color and nail care, and skin care, as these trends often appear first in salons. The Professional business also provides the Company with broader geographic coverage and channel diversification beyond the mass retail channel.

Additionally, the Company maintains separate websites, www.revlon.com, www.almay.com, www.revloncolorsilk.com, www.revlonprofessional.com, www.americancrew.com, www.cnd.com and www.mitchum.com, devoted to the Revlon, Almay, Revlon ColorSilk, Revlon Professional, American Crew, CND and Mitchum brands, respectively. Each of these websites feature product and promotional information for the brands and are updated regularly to stay current with the Company's new product launches and other advertising and promotional campaigns.

Research and Development

The Company believes that it is an industry leader in the development of innovative and technologically-advanced cosmetics and beauty products. The Company's marketing and research and development groups identify consumer needs and shifts in consumer preferences in order to develop new products, introduce line extensions and promotions and redesign or reformulate existing products to satisfy consumers' needs and preferences. The Company's research and development group is comprised of departments specialized in the technologies critical to the Company's various product lines. The Company has a rigorous process for the continuous development and evaluation of new product concepts, led by executives in marketing, sales, research and development, and including input from operations, law and finance. This process has created a comprehensive, long-term portfolio strategy that is intended to optimize the Company's ability to regularly bring to market innovative new product offerings and to effectively manage the Company’s product portfolio.

The Company operates an extensive research and development facility in Edison, New Jersey for products within its Consumer segment. The Company has research facilities for its products within the Professional segment in the U.S. (in California and Florida), Spain and Mexico. The scientists at these various facilities are responsible for all of the Company’s new product research and development worldwide and performing research for new products, ideas, concepts and packaging. The Company’s package development and engineering function is also part of the greater research and development organization and fosters a strong synergy of package and formula development which is integral to a product’s success.The research and development group performs extensive safety and quality testing on the Company’s products, including toxicology, microbiology, efficacy and package testing. Additionally, quality control testing is performed at each of the Company’s manufacturing facilities.

As of December 31, 2014, the Company employed approximately 200 people in its research and development activities, including specialists in pharmacology, toxicology, chemistry, microbiology, engineering, biology, dermatology and quality control. In 2014, 2013 and 2012, the Company spent $31.6 million, $26.9 million and $24.2 million, respectively, on research and development activities.

Manufacturing and Related Operations and Raw Materials

During 2014, the Company’s products were produced at the Company’s facilities in the U.S. (North Carolina and Florida), South Africa, Spain, Italy and Mexico, and at third-party facilities around the world.

The Company continually reviews its manufacturing needs against its manufacturing capacities to identify opportunities to reduce costs and to operate more efficiently. The Company purchases raw materials and components throughout the world, and continuously pursues reductions in cost of goods through the global sourcing of raw materials and components from qualified vendors, utilizing its purchasing capacity to maximize cost savings. The Company’s global sourcing strategy for materials and components from accredited vendors is also designed to ensure the highest quality and the continuity of supply of the raw materials and components. The Company believes that alternate sources of raw materials and components exist and does not anticipate any significant shortages of, or difficulty in obtaining, such materials. (See Item 1A. “Risk Factors -The Company depends on its Oxford, North Carolina facility for production of a substantial portion of its products within the Consumer segment. Disruptions at this facility, and/or at other Company or third party facilities at which the Company's products are manufactured for both its Consumer and Professional segments, could have a material adverse effect on the Company's business, financial condition and/or results of operations.”)

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Distribution

The Company's products are sold in approximately 150 countries across six continents. The Company utilizes a dedicated sales force in those countries where the Company maintains operations, and also utilizes sales representatives and independent distributors to serve certain territories, and related distribution channels. (See Item 1A. “Risk Factors - The Company may be unable to maintain or increase its sales through the Company's primary distribution channels, which could have a material adverse effect on the Company's business, financial condition and/or results of operations” and "Competition in the cosmetics, hair and beauty care products business could have a material adverse effect on the Company's business, financial condition and/or results of operations.")

United States. Net sales in the U.S. accounted for approximately 53% of the Company's 2014 net sales, which were primarily sold in the mass retail channel. The Company also sells a broad range of beauty products to U.S. Government military exchanges and commissaries. The Company licenses its trademarks to select manufacturers for complementary beauty-related products and accessories that the Company believes have the potential to extend the Company's brand names and image. As of December 31, 2014, seven (7) of such licenses were in effect relating to fifteen (15) product categories, which are marketed principally in the mass retail channel. Pursuant to such licenses, the Company retains strict control over product design and development, product quality, advertising and the use of its trademarks. These licensing arrangements offer opportunities for the Company to generate revenues and cash flow through royalties and renewal fees, some of which are prepaid from time to time.

In the Consumer segment, the Company’s retail merchandisers stock and maintain the Company's point-of-sale wall displays intended to ensure that high-selling SKUs are in stock and to ensure the optimal presentation of the Company's products in retail outlets.

The Company’s products within its Professional segment are sold primarily through wholesale beauty supply distributors in the U.S.

Outside of the United States. Net sales outside the U.S. accounted for approximately 47% of the Company's 2014 net sales. The three countries outside the U.S. with the highest net sales were Spain, Canada and the U.K., which together accounted for approximately 15% of the Company's 2014 net sales. The Company distributes its products within its Consumer segment through the mass retail channel, drug stores and chemist shops, hypermarkets, mass volume retailers, general merchandise stores, department stores and specialty stores, such as perfumeries. The Company’s products within its Professional segment are sold directly to hair and nail salons by the Company's direct sales force in countries where it has operations and through distributors in other countries outside the U.S. At December 31, 2014, the Company actively sold its products through wholly-owned subsidiaries established in 24 countries outside of the U.S. and through a large number of distributors and licensees elsewhere around the world.

Customers

The Company's principal customers for its Consumer segment include large mass volume retailers and chain drug stores, including such well-known retailers as Walmart, Walgreens, CVS and Target in the U.S., Shoppers DrugMart in Canada, A.S. Watson & Co. retail chains in Asia Pacific and Europe and Boots in the U.K. Walmart and its affiliates worldwide accounted for approximately 16% of the Company's 2014 consolidated net sales. The Company's principal customers for its Professional segment include Beauty Systems Group, Salon Centric and TNG Worldwide, as well as individual hair and nail salons and other distributors. As is customary in the industry, none of the Company’s customers is under an obligation to continue purchasing products from the Company in the future. The Company expects that Walmart and a small number of other customers will, in the aggregate, continue to account for a large portion of the Company's net sales. (See Item 1A. “Risk Factors -“Economic conditions could have a material adverse effect on the Company's business, financial condition and/or results of operations or on the financial condition of its customers and suppliers” and “The Company depends on a limited number of customers for a large portion of its net sales and the loss of one or more of these customers could reduce the Company’s net sales and have a material adverse effect on the Company’s business, financial condition and/or results of operations.")

Competition

The consumer and professional products businesses are highly competitive. The Company competes primarily by:

• developing quality products with innovative performance features, shades, finishes, components and packaging;

• educating consumers and salon professionals about the benefits of the Company’s products;

• anticipating and responding to changing consumer and salon professional demands in a timely manner, including the timing of new product introductions and line extensions;

• offering attractively priced products relative to the product benefits provided;

• maintaining favorable brand recognition;

• generating competitive margins and inventory turns for its customers in both the Consumer and Professional segments by providing relevant products and executing effective pricing, incentive and promotion programs;

• ensuring product availability through effective planning and replenishment collaboration with retailers and salons;

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

• providing strong and effective advertising, marketing, promotion and merchandising support;

• maintaining an effective sales force and distributor network; and

• obtaining and retaining sufficient retail floor space, optimal in-store positioning and effective presentation of its products at retail and in salons.

The Company competes in selected product categories against a number of multi-national manufacturers in both the Consumer and Professional segments. In addition to products sold in the mass retail channel, the professional salon channel and demonstrator-assisted channels, the Company's products also compete with similar products sold in prestige and department stores, television shopping, door-to-door, specialty stores, the internet, perfumeries, and other distribution outlets. The Company's competitors include, among others, L'Oréal S.A., The Procter & Gamble Company, Avon Products, Inc., Coty, Inc. and The Estée Lauder Companies Inc. (See Item 1A. “Risk Factors-Competition in the cosmetics, hair and beauty care products business could have a material adverse effect on the Company’s business, financial condition and/or results of operations.")

Patents, Trademarks and Proprietary Technology

The Company considers trademark protection to be very important to its business and the Company’s trademarks are registered in the U.S. and in approximately 150 other countries. Significant trademarks include Revlon, Revlon ColorStay, Revlon Age Defying makeup with Botafirm, Revlon Age Defying with DNA Advantage, Revlon PhotoReady, Revlon Super Lustrous, Revlon ColorBurst, Almay, Almay Smart Shade, SinfulColors, Pure Ice,Mitchum, Charlie, Jean Naté, Revlon ColorSilk, Revlon Professional, Intercosmo, Orofluido, UniqOne, American Crew, Creme of Nature, CND, CND Shellac, CND Vinylux, Gatineau,Ultima II and Natural Honey. The Company regularly renews its trademark registrations in the ordinary course of business.

The Company utilizes certain proprietary and/or patented technologies in the formulation, packaging or manufacture of a number of the Company’s products, including, among others, Revlon ColorStay cosmetics, Revlon PhotoReady makeup, Revlon Age Defying cosmetics, Almay Smart Shade makeup, Almay Intense i-Color eye makeup, Revlon ColorSilk hair color, Mitchum anti-perspirant deodorants, CND Shellac nail color systems and CND Vinylux nail polishes.  The Company considers its proprietary technology and patent protection to be important to its business.

The Company files patents in the ordinary course of business on certain of the Company’s new technologies. Utility patents in the U.S. are enforceable for at least 20 years and international patents are enforceable for 20 years. The patents that the Company currently has in place expire at various times between 2015 and 2032 and the Company expects to continue to file patent applications on certain of its technologies in the ordinary course of business in the future.

Government Regulation

The Company is subject to regulation by the Federal Trade Commission (the "FTC") and the Food and Drug Administration (the "FDA") in the U.S., as well as various other federal, state, local and foreign regulatory authorities, including those in the European Union (the "EU"), Canada and other countries in which the Company operates. The Company’s Oxford, North Carolina and Jacksonville, Florida manufacturing facilitiesare registered with the FDA as drug manufacturing establishments, permitting the manufacture of cosmetics and other beauty-care products that contain over-the-counter drug ingredients, such as sunscreens and anti-perspirant deodorants in the case of the Oxford, North Carolina facility and anti-dandruff hair-care products in the case of the Jacksonville, Florida facility. Compliance with federal, state, local and foreign laws and regulations pertaining to the discharge of materials into the environment, or otherwise relating to the protection of the environment, has not had, and is not anticipated to have, a material effect on the Company's capital expenditures, earnings or competitive position. Regulations in the U.S., the EU, Canada and in other countries in which the Company operates that are designed to protect consumers or the environment have an increasing influence on the Company's product claims, ingredients and packaging. (See “Risk Factors - The Company’s products are subject to federal, state and international regulations that could have a material adverse effect on the Company’s business, financial condition and/or results of operations.”)

Industry Segments, Foreign and Domestic Operations

The Company operates in two operating segments, Consumer and Professional, which also comprise its reportable segments. For certain information regarding the Company's segments and foreign and domestic operations, refer to Note 18, “Segment Data and Related Information,” to the Company’s Consolidated Financial Statements in this Form 10-K.

Employees

As of December 31, 2014, the Company employed approximately 5,600 people. As of December 31, 2014, approximately 25% of the Company's employees were covered by collective bargaining agreements. The Company believes that its employee relations are satisfactory.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Available Information

The public may read and copy any materials that the Company files with the SEC, including, without limitation, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. Information in the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file with the SEC at http://www.sec.gov.

Item 1A. Risk Factors

In addition to the other information in this report, investors should consider carefully the following risk factors when evaluating the Company’s business.

Products Corporation’s substantial indebtedness, including the additional Acquisition Term Loan which it used as a source of funds to consummate the Colomer Acquisition, could adversely affect the Company’s operations and flexibility and Products Corporation’s ability to service its debt.

Products Corporation has a substantial amount of outstanding indebtedness. As of December 31, 2014, the Company’s total indebtedness was $1,875.3 million (or $1,870.5 million net of discounts), primarily including $693.0 million aggregate principal amount outstanding under the Acquisition Term Loan that was executed in 2013 in connection with facilitating the consummation of the Colomer Acquisition, $675.0 million aggregate principal amount outstanding under the 2011 Term Loan and $500.0 million in aggregate principal face amount outstanding of Products Corporation's 5¾% Senior Notes. While the Company achieved net income of $47.3 million and $1.6 million for 2014 and 2013, respectively, if the Company is unable to maintain sustained profitability and free cash flow in future periods, it could adversely affect the Company's operations and Products Corporation's ability to service its debt and/or comply with the financial and/or operating covenants under its various debt instruments.

The Company is subject to the risks normally associated with substantial indebtedness, including the risk that the Company’s operating revenues will be insufficient to meet required payments of principal and interest, and the risk that Products Corporation will be unable to refinance existing indebtedness when it becomes due or, if it is unable to comply with the financial or operating covenants under its debt instruments, to obtain any necessary consents, waivers or amendments or that the terms of any such refinancing and/or consents, waivers or amendments will be less favorable than the current terms of such indebtedness. Products Corporation’s substantial indebtedness could also have the effect of:

• limiting the Company’s ability to fund (including by obtaining additional financing) the costs and expenses of the execution of the Company’s business strategy (including activities related to continuing the integration of the Colomer business into the Company’s business), future working capital, capital expenditures, advertising, promotional and/or marketing expenses, new product development costs, purchases and reconfigurations of wall displays, acquisitions, acquisition integration costs, investments, restructuring programs and other general corporate requirements;

• requiring the Company to dedicate a substantial portion of its cash flow from operations to payments on Products Corporation’s indebtedness, thereby reducing the availability of the Company’s cash flow for the execution of the Company’s business strategy and for other general corporate purposes;

• placing the Company at a competitive disadvantage compared to its competitors that have less debt;

• exposing the Company to potential events of default (if not cured or waived) under the financial and operating covenants contained in Products Corporation’s debt instruments;

• limiting the Company’s flexibility in responding to changes in its business and the industry in which it operates; and

• making the Company more vulnerable in the event of adverse economic conditions or a downturn in its business.

Although agreements governing Products Corporation’s indebtedness, including the Amended Term Loan Agreement and the terms of its third amended and restated revolving credit agreement (together, the "Amended Credit Agreements") and the indenture governing Product Corporation's 5¾% Senior Notes (the "5¾% Senior Notes Indenture"), limit Products Corporation’s ability to borrow additional money, under certain circumstances Products Corporation is allowed to borrow a significant amount of additional money, some of which, in certain circumstances and subject to certain limitations, could be secured indebtedness. To the extent that more debt is added to the Company's current debt levels, the risks described above would increase further.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Products Corporation’s ability to pay the principal amount of its indebtedness depends on many factors.

The 2011 Term Loan under the Amended Term Loan Facility, with $675.0 million aggregate principal amount outstanding, matures in November 2017, and the Acquisition Term Loan under the Amended Term Loan Facility, with $693.0 million aggregate principal amount outstanding, matures on the sixth anniversary of the closing of the Acquisition Term Loan (or October 8, 2019). The Amended Revolving Credit Facility matures on the earlier of August 14, 2018 and 90 days prior to the earliest maturity date of any term loans then outstanding under the Amended Term Loan Facility, but not earlier than June 16, 2016. The 5¾% Senior Notes mature in February 2021. Products Corporation currently anticipates that, in order to pay the principal amount of its outstanding indebtedness upon the occurrence of any event of default, to repurchase its 5¾% Senior Notes if a change of control occurs, or in the event that Products Corporation’s cash flows from operations are insufficient to allow it to pay the principal amount of its indebtedness at maturity, the Company may be required to refinance Products Corporation’s indebtedness, seek to sell assets or operations, seek to sell additional debt securities of Products Corporation or seek additional capital contributions or loans from MacAndrews & Forbes, Revlon, Inc. or from the Company’s other affiliates and/or third parties. The Company may be unable to take any of these actions, because of a variety of commercial or market factors or constraints in Products Corporation’s debt instruments, including, for example, market conditions being unfavorable for an equity or debt issuance, additional capital contributions or loans not being available from affiliates and/or third parties, or that the transactions may not be permitted under the terms of the various debt instruments then in effect, such as due to restrictions on the incurrence of debt, incurrence of liens, asset dispositions and/or related party transactions. Such actions, if ever taken, may not enable the Company to satisfy its cash requirements or enable Products Corporation to comply with the financial covenants under the Amended Credit Agreements if the actions do not result in sufficient savings or generate a sufficient amount of additional capital, as the case may be.

None of the Company’s affiliates are required to make any capital contributions, loans or other payments to Products Corporation regarding its obligations on its indebtedness. Products Corporation may not be able to pay the principal amount of its indebtedness using any of the above actions because, under certain circumstances, the 5¾% Senior Notes Indenture or any of its other debt instruments (including the Amended Credit Agreements) or the debt instruments of Products Corporation’s subsidiaries then in effect may not permit the Company to take such actions. (See "Restrictions and covenants in Products Corporation’s debt agreements limit its ability to take certain actions and impose consequences in the event of failure to comply").

The future state of the credit markets, including any volatility and/or tightening of the credit markets and reduction in credit availability, could adversely impact the Company’s ability to refinance or replace Products Corporation’s outstanding indebtedness at or prior to their respective maturity dates, which may have a material adverse effect on the Company’s business, financial condition and/or results of operations.

Restrictions and covenants in Products Corporation’s debt agreements limit its ability to take certain actions and impose consequences in the event of failure to comply.

Agreements governing Products Corporation’s outstanding indebtedness, including the Amended Credit Agreements and the 5¾% Senior Notes Indenture, contain a number of significant restrictions and covenants that limit Products Corporation’s ability (subject in each case to limited exceptions) to, among other things:

• borrow money;

• use assets as security in other borrowings or transactions;

• pay dividends on stock or purchase stock;

• sell assets and use the proceeds from such sales;

• enter into certain transactions with affiliates;

• make certain investments;

• prepay, redeem or repurchase specified indebtedness; and

• permit restrictions on the payment of dividends to Products Corporation by its subsidiaries.

In addition, the Amended Credit Agreements contain financial covenants limiting Products Corporation’s first-lien senior secured debt-to-EBITDA ratio (in the case of the Amended Term Loan Agreement) and, under certain circumstances, requiring Products Corporation to maintain a minimum consolidated fixed charge coverage ratio (in the case of the Amended Revolving Credit Agreement). These covenants affect Products Corporation’s operating flexibility by, among other things, restricting its ability to incur expenses and indebtedness that could otherwise be used to fund the costs of executing the Company’s business strategy (including activities related to continuing the integration of the Colomer business into the Company’s business and other restructuring activities) and to grow the Company’s business, as well as to fund general corporate purposes.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

A breach of the Amended Credit Agreements would permit Products Corporation’s lenders to accelerate amounts outstanding under the Amended Credit Agreements, which would in turn constitute an event of default under the 5¾% Senior Notes Indenture, if the amount accelerated exceeds $25.0 million and such default remains uncured for 10 days following notice from the trustee for the 5¾% Senior Notes Indenture or the holders of at least 30% of the outstanding principal amount of the 5¾% Senior Notes. In addition, holders of Products Corporation’s outstanding 5¾% Senior Notes may require Products Corporation to repurchase their respective notes in the event of a change of control under the 5¾% Senior Notes Indenture. Products Corporation may not have sufficient funds at the time of any such breach of any such covenant or change of control to repay in full the borrowings under the Amended Credit Agreements or to repurchase or redeem its outstanding 5¾% Senior Notes.

Events beyond the Company’s control could impair the Company’s operating performance, which could affect Products Corporation’s ability to comply with the terms of Products Corporation’s debt instruments. Such events may include decreased consumer spending in response to weak economic conditions or weakness in the consumption of beauty care products; adverse changes in currency exchange rates, currency controls and/or government-mandated pricing controls; decreased sales of the Company's products as a result of increased competitive activities by the Company’s competitors; changes in consumer purchasing habits, including with respect to shopping channels; inventory management by the Company's customers; space reconfigurations or reductions in display space by the Company's customers; changes in pricing or promotional strategies by the Company's customers; less than anticipated results from the Company's existing or new products or from its advertising, promotional and/or marketing plans; or if the Company’s expenses, including, without limitation, for pension expense under its benefit plans, acquisition-related integration costs, advertising, promotional and/or marketing activities or for sales returns related to any reduction of space by the Company's customers, product discontinuances or otherwise, exceed the anticipated level of expenses.

Under such circumstances, Products Corporation may be unable to comply with the provisions of its debt instruments, including the financial covenants in the Amended Credit Agreements. If Products Corporation is unable to satisfy such covenants or other provisions at any future time, Products Corporation would need to seek an amendment or waiver of such financial covenants or other provisions. The respective lenders under the Amended Credit Agreements may not consent to any amendment or waiver requests that Products Corporation may make in the future, and, if they do consent, they may only do so on terms that are unfavorable to Products Corporation and/or Revlon, Inc.

In the event that Products Corporation is unable to obtain any such waiver or amendment, Products Corporation's inability to meet the financial covenants or other provisions of the Amended Credit Agreements would constitute an event of default under its Amended Credit Agreements, which would permit the bank lenders to accelerate the Amended Credit Agreements and would constitute an event of default under the 5¾% Senior Notes Indenture if the amount accelerated exceeds $25.0 million and such default remains uncured for 10 days following notice from the trustee for the 5¾% Senior Notes Indenture or the holders of at least 30% of the outstanding principal amount of the 5¾% Senior Notes.

Products Corporation’s assets and/or cash flow and/or that of Products Corporation’s subsidiaries may not be sufficient to fully repay borrowings under its outstanding debt instruments, either upon maturity or if accelerated upon an event of default, and if Products Corporation is required to repurchase its outstanding 5¾% Senior Notes or repay the Amended Credit Agreements upon a change of control, Products Corporation may be unable to refinance or restructure the payments on such debt. Further, if Products Corporation is unable to repay, refinance or restructure its indebtedness under the Amended Credit Agreements the lenders, subject to certain conditions and limitations as set forth in the third amended and restated intercreditor agreement, could proceed against the collateral securing that indebtedness.

Limits on Products Corporation's borrowing capacity under the Amended Revolving Credit Facility may affect the Company's ability to finance its operations.

While the Amended Revolving Credit Facility currently provides for up to $175.0 million of commitments, Products Corporation's ability to borrow funds under such facility is limited by a borrowing base determined relative to the value, from time to time, of eligible trade receivables and eligible inventory in the U.S. and the U.K. and eligible real property and equipment in the U.S. In January 2014, the Colomer U.S. Subsidiaries became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture. In connection with becoming guarantors, substantially all of the assets of the Colomer U.S. Subsidiaries were pledged as collateral under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, thereby increasing the value of the assets supporting the borrowing base under the Amended Revolving Credit Facility.

If the value of these eligible assets is not sufficient to support the full $175.0 million borrowing base, Products Corporation will not have full access to the Amended Revolving Credit Facility, but rather could have access to a lesser amount determined by the borrowing base. As Products Corporation continues to manage its working capital, this could reduce the borrowing base under the Amended Revolving Credit Facility. Further, if Products Corporation borrows funds under such facility, subsequent changes in the value or eligibility of the assets within the borrowing base could cause Products Corporation to be required to pay down the amounts outstanding under such facility so that there is no amount outstanding in excess of the then-existing borrowing base.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Products Corporation's ability to borrow under the Amended Revolving Credit Facility is also conditioned upon its compliance with other covenants in the Amended Revolving Credit Agreement governing such facility, including a fixed charge coverage ratio that applies when the difference between (1) the borrowing base under such facility and (2) the amounts outstanding under such facility is less than $20.0 million. Because of these limitations, Products Corporation may not always be able to meet its cash requirements with funds borrowed under the Amended Revolving Credit Facility, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

At December 31, 2014, the aggregate principal amount outstanding under the Acquisition Term Loan and the 2011 Term Loan was $693.0 million and $675.0 million, respectively, with the Company having a liquidity position of $435.7 million, consisting of unrestricted cash and cash equivalents (net of any outstanding checks) of $269.7 million, as well as $166.0 million in available borrowings under the Amended Revolving Credit Facility, based upon the calculated borrowing base less $9.0 million of undrawn outstanding letters of credit and nil then drawn under the Amended Revolving Credit Facility at such date.

The Amended Revolving Credit Facility is syndicated to a group of banks and financial institutions. Each bank is responsible to lend its portion of the $175.0 million commitment if and when Products Corporation seeks to draw under the Amended Revolving Credit Facility. The lenders may assign their commitments to other banks and financial institutions in certain cases without prior notice to Products Corporation. If a lender is unable to meet its lending commitment, then the other lenders under the Amended Revolving Credit Facility have the right, but not the obligation, to lend additional funds to make up for the defaulting lender’s commitment, if any. Products Corporation has never had any of its lenders under the Amended Revolving Credit Facility fail to fulfill their lending commitment. Based on information available to the Company, the Company has no reason to believe that any of the lenders under the Amended Revolving Credit Facility would be unable to fulfill their commitments to lend under the Amended Revolving Credit Facility as of December 31, 2014. However, it is possible that economic conditions and potential volatility in the financial markets, among other factors, could impact the liquidity and financial condition of certain banks and financial institutions. If one or more lenders under the Amended Revolving Credit Facility were unable to fulfill their commitment to lend, such inability would impact the Company's liquidity and, depending upon the amount involved and the Company's liquidity requirements, could have an adverse effect on the Company's ability to fund its operations, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

A substantial portion of Products Corporation's indebtedness is subject to floating interest rates.

A substantial portion of Products Corporation's indebtedness is subject to floating interest rates, which makes the Company more vulnerable in the event of adverse economic conditions, increases in prevailing interest rates or a downturn in the Company's business. As of December 31, 2014, $1,372.8 million of Products Corporation's total indebtedness (or $1,368.0 million net of discounts), or approximately 73% of Products Corporation's total indebtedness, was subject to floating interest rates.

Under the Amended Term Loan Agreement, as of December 31, 2014 the $693.0 million in aggregate principal amount outstanding under the Acquisition Term Loan and the $675.0 million in aggregate principal amount outstanding under the 2011 Term Loan bear interest, at Products Corporation's option, at either the Eurodollar Rate (as defined in the Amended Term Loan Agreement) plus 2.5% and 3.0% per annum, respectively (provided that in no event shall the Eurodollar Rate (which is based upon LIBOR) be less than 0.75% and 1.0% per annum, respectively), or the Alternate Base Rate (as defined in the Amended Term Loan Agreement) plus 1.5% and 2.0% per annum, respectively, which Alternate Base Rate is based on the greater of Citibank, N.A.’s announced base rate and the U.S. federal funds rate plus 0.5% (provided that in no event shall the Alternative Base Rate be less than 1.75% and 2.0% per annum, respectively).

In November 2013, Products Corporation entered into a forward-starting interest rate swap in a single derivative with a notional amount of $400.0 million in respect of indebtedness under the Acquisition Term Loan for a 3-year period beginning in May 2015 (the "2013 Interest Rate Swap"). Under the terms of the 2013 Interest Rate Swap, Products Corporation will be required to pay to the counterparty a quarterly fixed interest rate of 2.0709% on the $400.0 million notional amount, while receiving variable interest rate payments from the counterparty equal to the 3-month U.S. dollar LIBOR, with a LIBOR floor of 1.00% (which effectively fixes the interest rate on such notional amount at 5.0709% over the 3-year term of the 2013 Interest Rate Swap). While Products Corporation may enter into other interest hedging contracts, it may not be able to do so on a cost-effective basis, and any hedging transactions that Products Corporation enters into may not achieve their intended purpose and shifts in interest rates may have a material adverse effect on the Company’s business, financial condition and/or results of operations.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

At December 31, 2014, the Eurodollar Rate, LIBOR and the Alternate Base Rate for the Acquisition Term Loan and the 2011 Term Loan were as follows:

	Eurodollar Rate	LIBOR	Alternate Base Rate
Acquisition Term Loan	1.00%	0.26%	3.25%
2011 Term Loan	0.75%	0.26%	3.25%

Pursuant to the 2013 Interest Rate Swap, the LIBOR portion of the interest rate on $400.0 million of outstanding indebtedness under the Acquisition Term Loan is effectively fixed at 5.0709% beginning in May 2015 through May 2018. Borrowings under the Amended Revolving Credit Facility (other than loans in foreign currencies) bear interest at a rate equal to, at Products Corporation's option, either (i) the Eurodollar Rate plus the applicable margin set forth in the grid below, or (ii) the Alternate Base Rate (as defined in the Amended Revolving Credit Agreement) plus the applicable margin set forth in the grid below:

Excess Availability	Alternate Base Rate Loans	Eurodollar Loans, Eurocurrency Loan or Local Rate Loans
Greater than or equal to $92,000,000	0.50%	1.50%
Less than $92,000,000 but greater than or equal to $46,000,000	0.75%	1.75%
Less than $46,000,000	1.00%	2.00%

Local Loans (as defined in the Amended Revolving Credit Agreement) bear interest, if mutually acceptable to Products Corporation and the relevant foreign lenders, at the Local Rate, and otherwise (i) if in foreign currencies or in U.S. Dollars, at the Eurodollar Rate or the Eurocurrency Rate plus the applicable margin set forth in the grid above or (ii) if in U.S. Dollars, at the Alternate Base Rate plus the applicable margin set forth in the grid above.

If any of LIBOR, Euribor, the base rate, the U.S. federal funds rate or such equivalent local currency rate increases, Products Corporation's debt service costs will increase to the extent that Products Corporation has elected such rates for its outstanding loans. Based on the amounts outstanding under the Amended Credit Agreements, and other short-term borrowings (which, in the aggregate, are Products Corporation’s only debt currently subject to floating interest rates) as of December 31, 2014, an increase in LIBOR and Euribor of 1% would increase the Company’s annual interest expense by $13.9 million. Increased debt service costs would adversely affect the Company's cash flow.

The Company depends on its Oxford, North Carolina facility for production of a substantial portion of its products within the Consumer segment. Disruptions at this facility, and/or at other Company or third party facilities at which the Company's products are manufactured for both its Consumer and Professional segments, could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company produces a substantial portion of its products at its Oxford, North Carolina facility. Significant unscheduled downtime at this facility, or at other Company facilities, including those that the Company recently acquired within the Professional segment, and/or third party facilities at which the Company's products are manufactured, whether due to equipment breakdowns, power failures, natural disasters, weather conditions hampering delivery schedules or other disruptions, including those caused by transitioning manufacturing across these facilities, or any other cause could have a material adverse effect on the Company's ability to provide products to its customers, which could have a material adverse effect on the Company's sales, business, financial condition and/or results of operations. Additionally, if product sales exceed forecasts or production, the Company could, from time to time, not have an adequate supply of products to meet customer demands, which could cause the Company to lose sales.

The Company's new product introductions may not be as successful as the Company anticipates, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company has a rigorous process for the continuous development and evaluation of new product concepts, led by executives in marketing, sales, research and development, product development, operations, law and finance. Each new product launch, including those resulting from this new product development process, carries risks, as well as the possibility of unexpected consequences, including:

• the acceptance of the new product launches by, and sales of such new products to, the Company's customers may not be as high as the Company anticipates;

• the Company's advertising, promotional and/or marketing strategies for its new products may be less effective than planned and may fail to effectively reach the targeted consumer base or engender the desired consumption;

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

• the rate of purchases by the Company's consumers may not be as high as the Company anticipates;

• the Company's wall displays to showcase its new products may fail to achieve their intended effects;

• the Company may experience out-of-stocks and/or product returns exceeding its expectations as a result of its new product launches or space reconfigurations or reductions in retail display space by its customers or the Company's net sales may be impacted by inventory management by its customers or changes in pricing or promotional strategies by its customers;

• the Company may incur costs exceeding its expectations as a result of the continued development and launch of new products, including, for example, advertising, promotional and/or marketing expenses, sales return expenses or other costs related to launching new products;

• the Company may experience a decrease in sales of certain of the Company's existing products as a result of newly-launched products, the impact of which could be exacerbated by shelf space limitations and/or any shelf space loss. (See Item 1A. Risk Factors -"Competition in the cosmetics, hair and beauty care products business could have a material adverse effect on the Company's business, financial condition and/or results of operations.")

• the Company's product pricing strategies for new product launches may not be accepted by its customers and/or its consumers, which may result in the Company's sales being less than it anticipates;

• the Company may experience a decrease in sales of certain of the Company's products as a result of counterfeit products and/or products sold outside of their intended territories; and

• any delays or difficulties impacting the Company's ability, or the ability of the Company's suppliers, to timely manufacture, distribute and ship products, displays or display walls in connection with launching new products, such as due to inclement weather conditions or those delays or difficulties discussed under Item 1A. Risk Factors - "The Company depends on its Oxford, North Carolina facility for production of a substantial portion of the Company's products within the Consumer segment. Disruptions at this facility, and/or at other Company or third party facilities at which the Company's products are manufactured for both its Consumer and Professional segments, could affect the Company's business, financial condition and/or results of operations,” could have a material adverse effect on the Company's ability to ship and deliver products to meet its customers’ reset deadlines.

Each of the risks referred to above could delay or impede the Company's ability to achieve its sales objectives, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company's ability to service its debt and meet its cash requirements depends on many factors, including achieving anticipated levels of revenue and expenses. If such revenue or expense levels prove to be other than as anticipated, the Company may be unable to meet its cash requirements or Products Corporation may be unable to meet the requirements of the financial covenants under the Amended Credit Agreements, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company currently expects that operating revenues, cash on hand, and funds available for borrowing under the Amended Revolving Credit Agreement and other permitted lines of credit will be sufficient to enable the Company to cover its operating expenses for 2015, including cash requirements for the payment of expenses in connection with the execution of the Company's business strategy and its advertising, promotional and/or marketing plans, integration costs related to the Colomer Acquisition, purchases of permanent wall displays, capital expenditure requirements, debt service payments and costs, tax payments, pension and post-retirement plan contributions, payments in connection with the Company's restructuring programs, severance not otherwise included in the Company's restructuring programs and debt and/or equity repurchases, if any.

If the Company's anticipated level of revenue is not achieved, however, because of, for example, decreased consumer spending in response to weak economic conditions or weakness in the consumption of beauty care products; adverse changes in currency exchange rates, currency controls and/or government-mandated pricing controls; decreased sales of the Company's products as a result of increased competitive activities by the Company's competitors; changes in consumer purchasing habits, including with respect to shopping channels; inventory management by the Company's customers; space reconfigurations or reductions in display space by the Company's customers; changes in pricing or promotional strategies by the Company's customers; less than anticipated results from the Company's existing or new products or from its advertising, promotional and/or marketing plans; or if the Company's expenses, including, without limitation, for pension expense under its benefit plans, integration costs related to the Colomer Acquisition, advertising, promotional or marketing activities or for sales returns related to any reduction of space by the Company's customers, product discontinuances or otherwise, exceed the anticipated level of expenses, the Company's current sources of funds may be insufficient to meet its cash requirements. In addition, such developments, if significant, could reduce the Company's revenues and could have a material adverse effect on Products Corporation's ability to comply with certain financial covenants under the Amended Credit Agreements.

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If the Company's operating revenues, cash on hand and/or funds available for borrowing are insufficient to cover the Company's expenses or are insufficient to enable Products Corporation to comply with the financial covenants under the Amended Credit Agreements, the Company could be required to adopt one or more of the alternatives listed below:

• delaying the implementation of or revising certain aspects of the Company's business strategy (including activities related to continuing the integration of the Colomer business into the Company’s business);

• reducing or delaying purchases of wall displays and/or expenses related to the Company's advertising, promotional and/or marketing activities;

• reducing or delaying capital spending;

• implementing new restructuring programs;

• refinancing Products Corporation's indebtedness;

• selling assets or operations;

• seeking additional capital contributions and/or loans from MacAndrews & Forbes, Revlon, Inc., the Company's other affiliates and/or third parties;

• selling additional debt securities of Products Corporation; or

• reducing other discretionary spending.

There can be no assurance that the Company would be able to take any of these actions, because of a variety of commercial or market factors or constraints in Products Corporation's debt instruments, including, for example, market conditions being unfavorable for an equity or debt issuance, additional capital contributions or loans not being available from affiliates and/or third parties, or that the transactions may not be permitted under the terms of Products Corporation's various debt instruments then in effect, such as due to restrictions on the incurrence of debt, incurrence of liens, asset dispositions and/or related party transactions. If the Company is required to take any of these actions, it could have a material adverse effect on its business, financial condition and/or results of operations.

Such actions, if ever taken, may not enable the Company to satisfy its cash requirements or enable Products Corporation to comply with the financial covenants under its Amended Credit Agreements if the actions do not result in sufficient savings or generate a sufficient amount of additional capital, as the case may be. (See Item 1A. Risk Factors - “Restrictions and covenants in Products Corporation's debt agreements limit its ability to take certain actions and impose consequences in the event of failure to comply,” which discusses, among other things, the consequences of noncompliance with Products Corporation's credit agreement covenants).

Economic conditions could have a material adverse effect on the Company's business, financial condition and/or results of operations or on the financial condition of its customers and suppliers.

Economic conditions, in the U.S. and/or other countries where the Company operates, have contributed and may continue to contribute to high unemployment levels, lower consumer spending and reduced credit availability, and have impacted and could in the future impact business and consumer confidence. Such conditions could have an impact on consumer purchases and/or customer purchases of the Company's products, which could result in a reduction of net sales, operating income and/or cash flows. Additionally, disruptions in the credit and other financial markets and economic conditions could, among other things, impair the financial condition of one or more of the Company's customers or suppliers, thereby increasing the risk of customer bad debts or non-performance by suppliers. These conditions could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company depends on a limited number of customers for a large portion of its net sales, and the loss of one or more of these customers could reduce the Company's net sales and have a material adverse effect on the Company's business, financial condition and/or results of operations.

Walmart and its affiliates worldwide accounted for approximately 16%, 20% and 22% of the Company’s worldwide net sales for 2014, 2013 and 2012, respectively. The Company expects that, for future periods, Walmart and a small number of other customers in the Consumer and Professional segments will, in the aggregate, continue to account for a large portion of the Company's net sales. These customers have demanded, and may continue to demand, increased service and other accommodations. The Company may be affected by changes in the policies and demands of its customers relating to service levels, inventory de-stocking, pricing and promotional strategies or limitations on access to wall display space. As is customary in the consumer products industry, none of the Company's customers is under an obligation to continue purchasing products from the Company in the future.

The loss of Walmart or one or more of the Company's other customers that may account for a significant portion of the Company's net sales, or any significant decrease in sales to these customers, including as a result of consolidation among the

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Company's customers, inventory management by the Company's customers, changes in pricing or promotional strategies by the Company's customers or space reconfigurations by the Company's customers or any significant decrease in the Company's display space, could reduce the Company's net sales and/or operating income and therefore could have a material adverse effect on the Company's business, financial condition and/or results of operations.

Declines in the financial markets may result in increased pension expense and increased cash contributions to the Company's pension plans.

Declines in the U.S. and global financial markets could result in significant declines in the Company's pension plan assets and result in increased pension expense and cash contributions to the Company's pension plans. Interest rate levels will affect the discount rate used to value the Company's year-end pension benefit obligations. One or more of these factors, individually or taken together, could impact future required cash contributions to the Company's pension plans and pension expense. Any one or more of these conditions could reduce the Company's available liquidity, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company may be unable to maintain or increase its sales through the Company's primary distribution channels, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

A decrease in consumer demand in the U.S. and internationally for beauty care products, inventory management by the Company's customers, changes in pricing or promotional strategies by the Company's customers (such as the development and/or expansion of their own private label brands), a reduction in display space by the Company's customers and/or a change in consumers’ purchasing habits, such as by buying more cosmetics and beauty care products in channels in which the Company does not currently compete (such as prestige and department stores, television shopping, door-to-door, specialty stores, the internet, perfumeries and other distribution outlets, which combine to account for a significant amount of beauty care sales), could impact sales of the Company's products, which could reduce the Company's net sales and which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

Competition in the cosmetics, hair and beauty care products business could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The cosmetics, hair and beauty care products business is highly competitive. The Company competes primarily by:

• developing quality products with innovative performance features, shades, finishes and packaging;

• educating consumers and salon professionals about the benefits of the Company’s products;

• anticipating and responding to changing consumer and salon professional demands in a timely manner, including the timing of new product introductions and line extensions;

• offering attractively priced products, relative to the product benefits provided;

• maintaining favorable brand recognition;

• generating competitive margins and inventory turns for the Company’s customers by providing relevant products and executing effective pricing, incentive and promotion programs;

• ensuring product availability through effective planning and replenishment collaboration with the Company's customers;

• providing strong and effective advertising, promotion, marketing and merchandising support;

• maintaining an effective sales force and distribution network; and

• obtaining and retaining sufficient display space, optimal in-store positioning and effective presentation of the Company’s products on-shelf.

An increase in or change in the current level of competition that the Company faces could have a material adverse effect on the Company's business, financial condition and/or results of operations.

In addition, the Company competes against a number of multi-national manufacturers, some of which are larger and have substantially greater resources than the Company, and which may therefore have the ability to spend more aggressively than the Company on advertising, promotions and marketing and have more flexibility than the Company to respond to changing business and economic conditions. The Company's products also compete with similar products sold through channels other than those in which it competes, including prestige and department stores, television shopping, door-to-door, specialty stores, the internet, perfumeries and other distribution outlets.

Additionally, the Company's major customers periodically assess the allocation of display space among competitors and in the course of doing so could elect to reduce the display space allocated to the Company's products, if, for example, the Company's marketing strategies for its new and/or existing products are less effective than planned, fail to effectively reach the targeted

16

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

consumer base, fail to engender the desired consumption and/or fail to sustain productive levels of consumption dollar share; and/or the rate of purchases by the Company's consumers are not as high as the Company anticipates. Within the Company’s Consumer segment, among the factors used by the Company’s major customers in assessing the allocation of display space is a brand’s share of the color cosmetics category in the U.S. mass retail channel. The Company's color cosmetics brands have experienced, over time, year-over-year share declines in its color cosmetics brands in the U.S. mass retail channel and it is possible that the Company may continue to experience further share declines. Further declines in the Company's share in the U.S. mass retail channel could, among other things, contribute to a loss of display space and/or decreased revenues. Any significant loss of display space could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company's foreign operations are subject to a variety of social, political and economic risks and have been, and are expected to continue to be, affected by foreign currency fluctuations, currency controls and/or government-mandated pricing controls, which could have a material adverse effect on the Company's business, financial condition and/or results of operations and the value of its foreign assets.

As of December 31, 2014, the Company had operations based in 24 foreign countries and its products were sold in approximately 150 countries. The Company is exposed to risks associated with social, political and economic conditions, including inflation, inherent in operating in foreign countries, including those in Asia (including Japan), Australia, Eastern Europe, South America (including Venezuela and Argentina) and South Africa, which could have a material adverse effect on the Company's business, financial condition and/or results of operations. Such risks arise from laws and policies that govern foreign investment in countries where the Company has operations, hyperinflation, currency devaluation, currency controls, government-mandated pricing controls, currency remittance restrictions, changes in consumer purchasing habits (including as to shopping channels), as well as, to a lesser extent, changes in U.S. laws and regulations relating to foreign trade and investment.

These risks and limitations could affect the ability of the Company's foreign subsidiaries to obtain sufficient capital to conduct their operations in the ordinary course of business. These limitations and the difficulties that certain of the Company's foreign subsidiaries may experience on the free flow of funds to these foreign subsidiaries could restrict the Company's ability to respond timely to challenging market conditions or changes in operations, which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

Currency restrictions enacted by the Venezuelan government, which began in 2003, have impacted the ability of Revlon Venezuela to obtain U.S. Dollars in exchange for local currency at the official foreign exchange rates. Revlon Venezuela accounted for approximately 1% of the Company's net sales for each of 2014 and 2013 and 2% of the Company's net sales for 2012.

Effective January 1, 2010, Venezuela was designated as a highly inflationary economy under U.S. GAAP and as a result of that hyperinflationary designation and the devaluation of Venezuela's currency, the Company's results of operations in 2010 were adversely impacted. As a result, through 2012, the Company used alternative foreign currency markets with less favorable exchange rates to access U.S. Dollars for Revlon Venezuela, which also adversely impacted the Company's results of operations. Throughout 2013, the Company imported certain products at a rate of 6.3 Bolivars per U.S. Dollar, which represented the Venezuela foreign exchange commission's Official Rate. In March 2014, a parallel foreign currency exchange system, SICAD II, started functioning which allows companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. During 2014, SICAD II has had an average transaction rate to the Company of approximately 53 Bolivars per U.S. Dollar (the "SICAD II Rate").

Throughout 2014, the Company exchanged Bolivars for U.S. Dollars to the extent permitted through the various foreign currency markets available to the Company based on its ability to participate in those markets. Prior to June 30, 2014, the Company utilized the Official Rate of 6.3 Bolivars per U.S. Dollar. Following a consideration of the Company's specific facts and circumstances, which included its legal ability and intent to participate in the SICAD II exchange market to import finished goods into Venezuela, the Company determined that it was appropriate to utilize the SICAD II Rate of 53 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning on June 30, 2014. As a result, the Company recorded a foreign currency loss of $6.0 million in the second quarter of 2014 related to the required re-measurement of Revlon Venezuela’s monetary assets and liabilities. For the year ended December 31, 2014, the change to the SICAD II Rate of 53 Bolivars per U.S. Dollar, as compared to the 6.3 Official Rate, has had the impact of reducing the Company's consolidated net sales by $16.2 million and reducing the Company's consolidated operating income by $8.4 million.

The Company's net sales outside of the U.S. for each of 2014, 2013 and 2012 were approximately 47%, 44% and 43% of the Company's total consolidated net sales, respectively. Fluctuations in foreign currency exchange rates have adversely affected and may continue to adversely affect the Company's results of operations and the value of the Company's foreign assets in 2015, which in turn could cause a material adverse effect on the Company's reported net sales and earnings and the comparability of period-to-period results of operations.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Products Corporation enters into foreign currency forward exchange contracts to hedge certain net cash flows denominated in foreign currencies. The foreign currency forward exchange contracts are entered into primarily for the purpose of hedging anticipated inventory purchases and certain intercompany payments denominated in foreign currencies and generally have maturities of less than one year. At December 31, 2014, the notional amount of Products Corporation's foreign currency forward exchange contracts was $7.6 million. The foreign currency forward exchange contracts that Products Corporation enters into may not adequately protect against foreign currency fluctuations.

Terrorist attacks, acts of war or military actions and/or other civil unrest may adversely affect the territories in which the Company operates and the Company's business, financial condition and/or results of operations.

On September 11, 2001, the U.S. was the target of terrorist attacks of unprecedented scope. These attacks contributed to major instability in the U.S. and other financial markets and reduced consumer confidence. These terrorist attacks, as well as terrorist attacks such as those that have occurred in Paris, France, Benghazi, Libya, Madrid, Spain and London, England, attempted terrorist attacks, military responses to terrorist attacks, other military actions and/or civil unrest such as that recently occurring in the Ukraine, Venezuela, Syria, Iraq and surrounding areas, may adversely affect prevailing economic conditions, resulting in work stoppages, reduced consumer spending and/or reduced demand for the Company's products. These developments subject the Company's worldwide operations to increased risks and, depending on their magnitude, could reduce net sales and therefore could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company's products are subject to federal, state and international regulations that could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company is subject to regulation by the Federal Trade Commission (the “FTC”) and the Food and Drug Administration (the “FDA”), in the U.S., as well as various other federal, state, local and foreign regulatory authorities, including those in the European Union, or the EU, Canada and other countries in which the Company operates. The Company's Oxford, North Carolina and Jacksonville, Florida manufacturing facilities are registered with the FDA as drug manufacturing establishments, permitting the manufacture of cosmetics and other beauty-care products that contain over-the-counter drug ingredients, such as sunscreens and anti-perspirant deodorants in the case of the Oxford, North Carolina facility and anti-dandruff hair-care products in the case of the Jacksonville, Florida facility. Regulations in the U.S., the EU, Canada and other countries in which the Company operates that are designed to protect consumers or the environment have an increasing influence on the Company's product claims, ingredients and packaging. To the extent federal, state, local and/or foreign regulatory changes occur in the future, they could require the Company to reformulate or discontinue certain of its products or revise its product packaging or labeling, any of which could result in, among other things, increased costs to the Company, delays in product launches, product returns or recalls and lower net sales, and therefore could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The failure of the Company's information technology systems and/or difficulties or delays in implementing new information technology systems could disrupt the Company's business operations which could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The operation of the Company's business depends on the Company's information technology systems. The Company relies on its information technology systems to effectively manage, among other things, the Company's business data, communications, supply chain, inventory management, customer order entry and order fulfillment, processing transactions, summarizing and reporting results of operations, human resources benefits and payroll management, compliance with regulatory, legal and tax requirements and other processes and data necessary to manage the Company's business. The failure of the Company's information technology systems, including any failure of the Company's current systems and/or as a result of transitioning to additional or replacement information technology systems, as the case may be, to perform as the Company anticipates could disrupt the Company's business and could result in, among other things, transaction errors, processing inefficiencies, loss of data and the loss of sales and customers, which could cause the Company's business, financial condition and/or results of operations to suffer. In addition, the Company's information technology systems may be vulnerable to damage or interruption from circumstances beyond the Company's control, including, without limitation, fire, natural disasters, power outages, systems failure, system conversions, security breaches, cyber-attacks, viruses and/or human error. In any such event, the Company could be required to make a significant investment to fix or replace its information technology systems, and the Company could experience interruptions in its ability to service its customers. Any such damage or interruption could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The Company is currently implementing a company-wide SAP enterprise resource planning (“ERP”) system. The Company's anticipated implementation of this SAP ERP system may not result in improvements that outweigh its costs and may disrupt the Company's operations. This system implementation subjects the Company to substantial costs, the majority of which are capital expenditures, and inherent risks associated with migrating from the Company's legacy systems. These costs and risks could include, but are not limited to:

• inability to fill customer orders accurately or on a timely basis, or at all;

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

• inability to process payments to vendors accurately or in a timely manner;

• disruption of the Company's internal control structure;

• inability to fulfill the Company's SEC or other governmental reporting requirements in a timely or accurate manner;

• inability to fulfill federal, state and local tax filing requirements in a timely or accurate manner;

• increased demands on management and staff time to the detriment of other corporate initiatives; and

• significant capital and operating expenditures.

If the Company is unable to successfully plan, design or implement this new SAP ERP system, in whole or in part, or experience unanticipated difficulties or delays in doing so, it could have a material adverse effect on the Company's business, financial condition and/or results of operations.

The illegal distribution and sale by third parties of counterfeit versions of the Company’s products or the unauthorized diversion by third parties of the Company’s products could have an adverse effect on the Company’s revenues and a negative impact on the Company’s reputation and business.

Third parties may illegally distribute and sell counterfeit versions of the Company’s products. These counterfeit products may be inferior in terms of quality and other characteristics compared to the Company’s authentic products and/or the counterfeit products could pose safety risks that the Company’s authentic products would not otherwise present to consumers. Consumers could confuse counterfeit products with the Company’s authentic products, which could damage or diminish the image, reputation and/or value of the Company’s brands and cause consumers to refrain from purchasing the Company’s products in the future, which could adversely affect the Company’s revenues and have a negative impact on the Company’s reputation.

A substantial portion of the products that the Company sells under its Professional segment are sold to professional salon distributors and/or wholesalers. Products sold in these channels are meant to be used exclusively by salons and individual salon professionals or are sold exclusively to the retail consumers of these salons. Despite the Company’s efforts to prevent diversion of such products from these distribution channels, incidents have occurred and continue to occur whereby the Company’s products are sold to sales outlets other than the intended salons and salon professionals, such as to general merchandise retailers or unapproved outlets. In some instances, these diverted products may be old, damaged or otherwise adulterated, which could damage or diminish the image, reputation and/or value of the Company’s brands. In addition, such diversion may result in lower net sales of the Company’s products if consumers choose to purchase diverted products and/or or choose to purchase products manufactured or sold by the Company’s competitors because of any perceived damage or diminishment to the image, reputation and/or value of the Company’s brands.

The Company believes that its trademarks, patents and other intellectual property rights are extremely important to the Company’s success and its competitive position. The Company devotes significant resources to registering and protecting its intellectual property rights and maintaining the positive image of its brands. The Company’s trademark and patent applications may fail to result in issued registrations or provide the scope of coverage sought. Unplanned increases in legal fees and other costs associated with enforcing and/or defending the Company’s trademarks, patents and/or other intellectual property rights could result in higher than expected operating expenses. The Company has been unable to eliminate, and may in the future be unable to eliminate, all counterfeiting activities, unauthorized product diversion and infringement of its trademarks, patents and/or other intellectual property, any of which could adversely affect the Company’s revenues and have a negative impact on the Company’s reputation.

The Company’s success largely depends upon its ability to attract, hire and retain its senior management team, other key employees and a highly skilled and diverse workforce, as well as effectively implement succession planning for its senior management team, and, as such, the Company’s inability to do so could adversely affect the Company’s business, financial condition and/or results of operations.

The continued execution of the Company's business strategy largely depends on the Company’s ability to attract, hire and retain its senior management team, other key employees and a highly skilled and diverse workforce, as well as effectively implement succession planning for its senior management team. Unexpected levels of employee turnover or the Company’s failure to maintain an adequate succession plan to effectively transition current management leadership positions and/or the Company’s failure to attract, hire and retain its senior management team, other key employees and a highly skilled and diverse workforce could adversely affect the Company’s institutional knowledge base and/or competitive advantage. If the Company is unable to attract, hire and/or retain talented and highly qualified senior management, other key employees and/or a highly skilled and diverse workforce, or if the Company is unable to effectively provide for the succession of its senior management team, it could adversely affect the Company’s business, financial condition and/or results of operations.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Shares of Revlon, Inc. Class A Common Stock and Products Corporation's capital stock are pledged to secure various of Revlon, Inc.'s and/or other of the Company's affiliates’ obligations and foreclosure upon these shares or dispositions of shares could result in the acceleration of debt under Products Corporation's Amended Credit Agreements and Products Corporation's 5¾% Senior Notes Indenture and could have other consequences.

All of Products Corporation's shares of common stock are pledged to secure Revlon, Inc.’s guarantee under the Amended Credit Agreements. MacAndrews & Forbes has advised the Company that it has pledged shares of Revlon, Inc.’s Class A Common Stock to secure certain obligations of MacAndrews & Forbes. Additional shares of Revlon, Inc. and shares of common stock of intermediate holding companies between Revlon, Inc. and MacAndrews & Forbes may from time to time be pledged to secure obligations of MacAndrews & Forbes. A default under any of these obligations that are secured by the pledged shares could cause a foreclosure with respect to such shares of Revlon, Inc.'s Class A Common Stock, Products Corporation's common stock or stock of intermediate holding companies between Revlon, Inc. and MacAndrews & Forbes.

A foreclosure upon any such shares of common stock or dispositions of shares of Revlon, Inc.’s Class A Common Stock, Products Corporation's common stock or stock of intermediate holding companies between Revlon, Inc. and MacAndrews & Forbes which are beneficially owned by MacAndrews & Forbes could, in a sufficient amount, constitute a “change of control” under the Amended Credit Agreements and the 5¾% Senior Notes Indenture. A change of control constitutes an event of default under the Amended Credit Agreements which would permit Products Corporation's lenders to accelerate amounts outstanding under such facilities. In addition, holders of the 5¾% Senior Notes may require Products Corporation to repurchase their respective 5¾% Senior Notes under those circumstances.

Products Corporation may not have sufficient funds at the time of any such change of control to repay in full the borrowings under the Amended Credit Facilities and/or to repurchase or redeem the 5¾% Senior Notes. (See “- The Company's ability to service its debt and meet its cash requirements depends on many factors, including achieving anticipated levels of revenue and expenses. If such revenue or expense levels prove to be other than as anticipated, the Company may be unable to meet its cash requirements or Products Corporation may be unable to meet the requirements of the financial covenants under the Amended Credit Agreements which could have a material adverse effect on the Company's business, financial condition and/or results of operations.”)

MacAndrews & Forbes has the power to direct and control the Company's business.

MacAndrews & Forbes is wholly-owned by Ronald O. Perelman. Mr. Perelman, through MacAndrews & Forbes, beneficially owned approximately 78% of Revlon, Inc.'s outstanding Class A Common Stock on December 31, 2014. As a result, MacAndrews & Forbes is able to control the election of the entire Board of Directors of Revlon, Inc. and of Products Corporation's Board of Directors (as it is a wholly owned subsidiary of Revlon, Inc.) and controls the vote on all matters submitted to a vote of Revlon, Inc.’s and Products Corporation's stockholders, including the approval of mergers, consolidations, sales of some, substantially all or all of the Company's assets, issuances of capital stock and similar transactions.

The Company may not be able to efficiently integrate Colomer into the Company’s ongoing business operations, which may result in the Company’s inability to fully realize the intended benefits of the Colomer Acquisition, or may disrupt the Company's current operations, which could have a material adverse effect on the Company’s business, financial position and/or results of operations.

The Company is in the process of integrating the operations of Colomer into the Company’s business and expects to achieve approximately $30.0 million to $35.0 million of annualized cost reductions by the end of 2015, at a cost of approximately $50.0 million in the aggregate through 2015. The ongoing process of continuing to integrate Colomer into the Company's business involves complex operational, technological and personnel-related challenges, which are time-consuming and expensive and may disrupt the Company's ongoing core business operations. These integration activities involve a number of risks, including, but not limited to:

• difficulties or complications in combining the companies' operations;

• differences in controls, procedures and policies, regulatory standards and business cultures among the combined companies;

• the diversion of management's attention from the Company's ongoing core business operations;

• difficulties or delays in consolidating Colomer’s information technology platforms, including implementing systems designed to continue to ensure that the Company maintains effective disclosure controls and procedures and internal control over financial reporting for the combined company and enable the Company to continue to comply with U.S. GAAP and applicable U.S. securities laws and regulations;

• possible disruptions that could result from efforts to consolidate the combined Company’s manufacturing facilities or changes in the combined Company’s supply chain, including work stoppages;

• unanticipated costs and other assumed contingent liabilities; and/or

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

• possible tax costs or inefficiencies associated with integrating the operations of the combined company.

These factors could cause the Company to not fully realize the anticipated financial and/or strategic benefits of the Colomer Acquisition, which could have a material adverse effect on the Company’s business, financial condition and/or results of operations.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

The following table sets forth, as of December 31, 2014, the Company's major manufacturing, research and warehouse/distribution facilities by the segment that each primarily operates in, all of which are owned, except where otherwise noted.

Location	Segment	Use	Approximate Floor Space Sq. Ft.
Oxford, North Carolina	Consumer	Manufacturing, warehousing, distribution and office (a)	1,012,000
Jacksonville, Florida	Professional	Manufacturing, warehousing, distribution and office	725,000
Tarragona, Spain	Professional	Manufacturing, warehousing, distribution and office	300,000
Mississauga, Canada	Consumer	Warehousing, distribution and office (leased)	195,000
Queretaro, Mexico	Professional	Manufacturing, warehousing, distribution and office	128,000
Canberra, Australia	Consumer	Warehousing and distribution	125,000
Edison, New Jersey	Consumer	Research and office (leased)	123,000
Rietfontein, South Africa	Consumer	Warehousing, distribution and office (leased)	120,000
Isando, South Africa	Consumer	Manufacturing, warehousing, distribution and office	94,000
Stone, United Kingdom	Consumer	Warehousing and distribution (leased)	92,000
Bologna, Italy	Professional	Manufacturing, warehousing, distribution and office	80,000

^(a)  Property subject to liens under the Amended Credit Agreements.

In addition to the facilities described above, the Company owns and leases additional facilities in various areas throughout the world, including the lease for the Company's executive offices in New York, New York (approximately 91,000 square feet) and in Cornella, Spain (approximately 107,000 square feet). Management considers the Company's facilities to be well-maintained and satisfactory for the Company's operations, and believes that the Company's facilities and third party contractual supplier arrangements provide sufficient capacity for its current and expected production requirements.

Item 3. Legal Proceedings

The Company is involved in various routine legal proceedings incidental to the ordinary course of its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is not reasonably likely to have a material adverse effect on the Company’s business, financial condition and/or its results of operations. However, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period. (See Note 19, "Commitments and Contingencies" to the Consolidated Financial Statements in this Form 10-K, for further discussion.)

Item 4. Mine and Safety Disclosures

Not applicable.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Revlon, Inc. beneficially owns all of the 5,260 outstanding shares of Products Corporation's common stock, with a par value of $1.00 per share. MacAndrews & Forbes, which is wholly-owned by Ronald O. Perelman, at December 31, 2014 beneficially owned 40,669,640 shares of Revlon, Inc.’s Class A Common Stock, with a par value of $0.01 per share (the “Class A Common Stock”) (28,389,938 shares of which were beneficially owned by MacAndrews & Forbes, 7,718,092 shares of which were owned by a holding company, RCH Holdings One Inc. (of which each of Mr. Perelman and The Ronald O. Perelman 2008 Trust owns 50% of the shares), and 4,561,610 shares of which were beneficially owned by a family member of Mr. Perelman with respect to which shares MacAndrews & Forbes holds a voting proxy).

In October 2013, MacAndrews & Forbes exercised its right under Revlon, Inc.'s Restated Certificate of Incorporation to voluntarily convert all of the 3,125,000 shares of Revlon, Inc.'s Class B Common Stock, with a par value of $0.01 per share (the “Class B Common Stock”), previously held in the name of REV Holdings LLC, on a one-for-one basis into 3,125,000 shares of Revlon, Inc. Class A Common Stock. The shares of Revlon, Inc.'s Class A Common Stock issued in such conversion were not registered under the Securities Act of 1933, as amended (the "Securities Act"). As MacAndrews & Forbes is an accredited investor within the meaning of Rule 501 of Regulation D under the Securities Act, such shares were issued in reliance on exemptions from registration under Section 4(2) of the Securities Act and Rule 506 of Regulation D under the Securities Act. Appropriate restrictive legends were affixed to the certificate representing the shares of Class A Common Stock issued to REV Holdings LLC in such conversion. Revlon, Inc. did not receive any proceeds in connection with such conversion.

In October 2009, Revlon, Inc. issued to stockholders who participated in the 2009 Exchange Offer 9,336,905 shares of Series A Preferred Stock, with a par value of $0.01 per share (the "Series A Preferred Stock"). On October 8, 2013, Revlon, Inc. consummated the mandatory redemption of the Series A Preferred Stock in accordance with such preferred stock's certificate of designation and paid such holders $48.6 million, which represented the $5.21 liquidation preference for each of the outstanding 9,336,905 shares of Series A Preferred Stock.

As a result of the above-referenced conversion and redemption transactions, Revlon, Inc.’s only class of capital stock outstanding at December 31, 2014 is its Class A Common Stock.

At December 31, 2014, Mr. Perelman, directly and indirectly, through MacAndrews & Forbes, beneficially owned approximately 78% of the issued and outstanding shares of Revlon, Inc.'s Class A Common Stock, which represented approximately 78% of the voting power of Revlon, Inc.’s voting capital stock. The remaining 11,704,830 shares of Class A Common Stock issued and outstanding at December 31, 2014 were owned by the public.

There is no established market for Products Corporation's common stock, as all 5,260 outstanding shares of Products Corporation's common stock were held by Revlon, Inc. as of December 31, 2014. No cash dividends were declared or paid during 2014 by Products Corporation to Revlon, Inc. or by Revlon, Inc. on its Class A Common Stock. The terms of the Amended Credit Agreements and the 5¾% Senior Notes Indenture currently restrict Products Corporation’s ability to pay dividends or make distributions to Revlon, Inc., except in limited circumstances.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Item 6. Selected Financial Data

The Consolidated Statements of Income Data for each of the years in the five-year period ended December 31, 2014 and the Consolidated Balance Sheet Data as of December 31, 2014, 2013, 2012, 2011 and 2010 are derived from the Company’s Consolidated Financial Statements, which have been audited by an independent registered public accounting firm. The results of the operations related to the Colomer Acquisition are included beginning on October 9, 2013. The results of the operations related to the Pure Ice and SinfulColors acquisitions are included beginning on July 2, 2012 and March 17, 2011, respectively. The Selected Consolidated Financial Data should be read in conjunction with the Company's Consolidated Financial Statements and the Notes to the Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

	Year Ended December 31,
	(in millions)
Statement of Income Data:	2014(a)		2013(b)			2012(c)			2011(d)			2010(e)
Net sales	$	1,941.0	$	1,494.7		$	1,396.4		$	1,347.5		$	1,295.8
Gross profit	1,272.7		949.6			902.6			866.3			848.5
Selling, general and administrative expenses	999.7		723.6			663.3			652.8			642.7
Acquisition and integration costs	6.4		25.4			—			—			—
Restructuring charges and other, net	21.3		3.5			20.5			—			(0.3		)
Operating income	245.3		197.1			218.8			213.5			206.1
Interest expense	84.4		78.6			85.3			91.1			96.7
Amortization of debt issuance costs	5.5		3.5			3.4			3.7			4.5
Loss on early extinguishment of debt, net	2.0		29.7			—			11.2			9.7
Foreign currency losses, net	25.0		3.7			2.8			4.7			6.4
Provision for (benefit from) income taxes	81.2		48.6			44.8			35.4			(235.3		)
Income from continuing operations, net of taxes	46.0		32.0			81.3			65.8			322.9
(Loss) income from discontinued operations, net of taxes	1.3		(30.4		)	(10.1		)	(1.8		)	1.4
Net income	47.3		1.6			71.2			64.0			324.3

	Year Ended December 31,
	(in millions)
Balance Sheet Data:	2014(a)			2013(b)			2012(c)			2011(d)			2010(e)
Total current assets	$	879.2		$	893.8		$	616.0		$	581.9		$	527.6
Total non-current assets	1,152.0			1,203.0			681.7			624.2			592.8
Total assets	$	2,031.2		$	2,096.8		$	1,297.7		$	1,206.1		$	1,120.4
Total current liabilities(f)	$	464.9		$	552.6		$	441.6		$	332.9		$	312.4
Total other non-current liabilities	2,123.3			2,060.7			1,432.8			1,514.8			1,465.1
Total liabilities	$	2,588.2		$	2,613.3		$	1,874.4		$	1,847.7		$	1,777.5
Total indebtedness	$	1,870.5		$	1,935.6		$	1,220.9		$	1,227.9		$	1,219.6
Total stockholder's deficiency	(557.0		)	(516.5		)	(576.7		)	(641.6		)	(657.1		)

^(a)  Results from continuing operations for 2014 include: (1) $21.3 million in restructuring charges and other, net, primarily related to the Integration Program (See Note 3, “Restructuring Charges” to the Consolidated Financial Statements in this Form 10-K); (2) $6.4 million of acquisition and integration costs related to the Colomer Acquisition; and (3) a $6.0 million foreign currency loss recognized in the second quarter of 2014 as a result of the re-measurement of Revlon Venezuela’s monetary assets and liabilities(See Note 1, “Description of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements in this Form 10-K).

^(b)  Results from continuing operations for 2013 include: (1) a $29.7 million aggregate loss on the early extinguishment of debt primarily in connection with Products Corporation’s issuance in February 2013 of $500.0 million aggregate principal amount of its 5¾% Senior Notes due February 15, 2021, of which Products Corporation used $491.2 million of the net proceeds (net of underwriters' fees) to repay and

23

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

redeem all of the $330 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes due November 2015 (the “9¾% Senior Secured Notes” and such transaction being the “2013 Senior Notes Refinancing”); (2) a $26.4 million gain from insurance proceeds due to the settlement of the Company's claims for business interruption and property losses as a result of the June 2011 fire at the Company's facility in Venezuela; (3) $25.4 million of acquisition and integration costs related to the Colomer Acquisition; and (4) $21.4 million in restructuring and related charges, of which $20.0 million related to the Company's exit of its business operations in China and is reflected in loss from discontinued operations, net of taxes. (See Note 3, “Restructuring Charges” and Note 4, "Discontinued Operations" to the Consolidated Financial Statements in this Form 10-K).

^(c)  Results from continuing operations for 2012 include: (1) $24.1 million in restructuring and related charges recorded as a result of the September 2012 Program (See Note 3, “Restructuring Charges” of the Consolidated Financial Statements in this Form 10-K); and (2) an increase in net income driven by a non-cash benefit of $15.8 million related to the reduction of the Company’s deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions in the U.S. at December 31, 2012, as a result of the Company’s improved earnings trends and cumulative taxable income in those jurisdictions, which was reflected in the provision for income taxes.

^(d)  Results from continuing operations for 2011 include: (1) an increase in net income driven by a non-cash benefit of $16.9 million related to the reduction of the Company’s deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions outside the U.S. at December 31, 2011 as a result of the Company’s then improved earnings trends and cumulative taxable income in those jurisdictions, which was reflected in the provision for income taxes; and (2) an $11.2 million loss on the early extinguishment of debt in connection with the 2011 refinancings of Products Corporation’s 2010 term loan facility and 2010 revolving credit facility.

^(e)  Results from continuing operations for 2010 include: (1) an increase in net income driven by a non-cash benefit of $248.5 million related to the reduction of the Company’s deferred tax valuation allowance on its net U.S. deferred tax assets at December 31, 2010 as a result of the Company having achieved three cumulative years of positive U.S. GAAP pre-tax income and taxable income in the U.S., and based upon the Company’s then current expectations as of December 31, 2010 for the realization of such deferred tax benefits in the U.S., which was reflected in the provision for income taxes; (2) a $9.7 million loss on the early extinguishment of debt in connection with the 2010 refinancing of the Company’s 2006 bank term loan facility and revolving credit facility; and (3) a $2.8 million one-time foreign currency loss related to the required re-measurement of the balance sheet of the Company’s subsidiary in Venezuela in order to reflect the impact of the devaluation of Venezuela’s local currency relative to the U.S. Dollar, as Venezuela was designated as a highly inflationary economy effective January 1, 2010.

^(f)  Total current liabilities at December 31, 2013 included $58.4 million related to the Company's Non-Contributed Loan which was prepaid on May 1, 2014 prior to its scheduled maturity on October 8, 2014.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented as follows:

• Overview;

• Operating Segments;

• Results of Operations;

• Financial Condition, Liquidity and Capital Resources;

• Disclosures about Contractual Obligations and Commercial Commitments;

• Off-Balance Sheet Transactions (there are none);

• Discussion of Critical Accounting Policies;

• Recently Adopted Accounting Pronouncements;

• Recently Issued Accounting Standards or Updates Not Yet Effective; and

• Inflation.

The Company (as defined below) is providing this overview in accordance with the SEC’s December 2003 interpretive guidance regarding MD&A.

Overview

Overview of the Business

Revlon Consumer Products Corporation ("Products Corporation" and together with its subsidiaries, the "Company") is a wholly-owned operating subsidiary of Revlon, Inc., which is a direct and indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than Revlon, Inc. and the Company, "MacAndrews & Forbes"), a corporation wholly-owned by Ronald O. Perelman.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

The Company’s vision is to establish Revlon as the quintessential and most innovative beauty company in the world by offering products that make consumers feel attractive and beautiful. We want to inspire our consumers to express themselves boldly and confidently. The Company operates in two segments, the consumer division (“Consumer”) and the professional division (“Professional”), and manufactures, markets and sells worldwide an extensive array of beauty and personal care products, including cosmetics, hair color, hair care and hair treatments, beauty tools, men's grooming products, anti-perspirant deodorants, fragrances, skincare and other beauty care products.

For additional information regarding our business, see "Part 1, Item 1 - Business" in this Form 10-K.

Discontinued Operations Presentation

As a result of the Company's decision on December 30, 2013 to exit its business operations in China, effective December 31, 2013, the Company is reporting the results of its China operations within income (loss) from discontinued operations, net of taxes in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income. Unless otherwise stated, financial results discussed within "Overview" and "Results of Operations" refer to continuing operations. See Note 4, "Discontinued Operations" to the Consolidated Financial Statements in this Form 10-K for further discussion.

Overview of Net Sales and Earnings Results

Consolidated net sales in 2014 were $1,941.0 million, an increase of $446.3 million, or 29.9%, as compared to $1,494.7 million in 2013. Excluding the unfavorable impact of foreign currency fluctuations of $60.1 million, consolidated net sales increased $506.4 million, or 33.9%, in 2014. The increase in consolidated net sales from 2013 is primarily driven by the increase in net sales of $460.9 millionas a result of the Colomer Acquisition in October 2013.

Consolidated income from continuing operations, net of taxes, in 2014 was $46.0 million, compared to $32.0 million in 2013. The increase of $14.0 million in 2014 was primarily due to:

• $323.1 million of higher gross profit due to a $446.3 million increase in consolidated net sales, partially offset by a $123.2 million increase in cost of sales, both of which were primarily driven by the inclusion of net sales and cost of sales as a result of the Colomer Acquisition beginning in October 2013;

• a $27.7 decrease in loss on the early extinguishment of debt primarily due to $29.7 million of loss recognized during 2013 as a result of the 2013 Senior Notes Refinancing; and

• a $19.0 million decrease in acquisition and integration costs as compared to 2013, as total costs incurred during 2013 included legal and consulting fees related to completing the Colomer Acquisition, as well as the impairment of in-progress capitalized software development costs;

with the foregoing partially offset by:

• $276.1 million of higher SG&A expenses primarily driven by the inclusion of additional SG&A expenses as a result of the Colomer Acquisition beginning in 2013, in addition to higher advertising costs within the Company's Consumer segment;

• $21.3 million of higher foreign currency losses, net, primarily due to the unfavorable impact of the revaluation of certain U.S. Dollar denominated payables during 2014, as compared to 2013, as well as a $6.0 million foreign currency loss recognized in the second quarter of 2014 as a result of the re-measurement of Revlon Venezuela's balance sheet;

• $17.8 million of higher restructuring charges and other, net primarily due to the changes incurred from the Integration Program;

• $5.8 million of higher interest expense in 2014 primarily due to higher average debt as a result of the Acquisition Term Loan which was used to fund the Colomer Acquisition in 2013; and

• a $32.6 million increase in the provision for income taxes in 2014, as compared to 2013, primarily due to higher pre-tax income, establishing a valuation allowance against certain deferred tax assets within the Professional segment, as well as certain income tax benefits and discrete items realized within each comparable period.

These items are discussed in more detail within "Results of Operations" and within "Financial Condition, Liquidity and Capital Resources" below.

2014 Events

Integration Program

In January 2014, the Company announced that it was implementing the Integration Program, which included actions to integrate Colomer’s operations into the Company’s business, as well as additional restructuring actions identified to reduce costs across the

25

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Company’s businesses. The Company expects to recognize total restructuring charges, capital expenditures and related non-restructuring costs under the Integration Program of approximately $50 million in the aggregate over 2013 through 2015, and to achieve annualized cost reductions of approximately $30.0 million to $35.0 million by the end of 2015.

During 2014, the Company recognized $5.9 million of non-restructuring costs and $20.1 million in restructuring and related charges under the Integration Program, as well as $4.4 million in capital expenditures. Approximately $17.0 million of realized cost reductions achieved as a result of the Company's Integration Program and related activities benefited 2014 results.

For further discussion of the Colomer Acquisition and the Integration Program, see Note 2, "Business Combinations" and Note 3, "Restructuring Charges - Integration Program" to the Consolidated Financial Statements in this Form 10-K.

2014 Debt Transaction

During 2014, Products Corporation completed certain debt transactions, including the February 2014 amendment to its amended term loan agreement and the early repayment of the non-contributed loan portion of the Amended and Restated Senior Subordinated Term Loan Agreement.

See Note 11, "Long-Term Debt" to the Consolidated Financial Statements in this Form 10-K for a summary of these debt transactions and "Financial Condition, Liquidity and Capital Resources - Long-Term Debt Instruments" for further discussion of these debt transactions.

Operating Segments

Commencing in 2013 and following the Colomer Acquisition Date, the Company began operating in two segments, the Consumer segment and the Professional segment:

• The Consumer segment is comprised of the Company's consumer brands, which primarily include Revlon, Almay, SinfulColors and Pure Ice in color cosmetics; Revlon ColorSilk in women’s hair color; Revlon in beauty tools; and Mitchum in anti-perspirant deodorants. The Company’s principal customers for its consumer products include the mass retail channel in the U.S. and internationally, consisting of large mass volume retailers and chain drug and food stores in the U.S., as well as certain department stores and other specialty stores, such as perfumeries, outside the U.S. The Consumer segment also includes a skincare line and a hair color line sold in the mass retail channel, primarily in Spain, which were acquired as part of the Colomer Acquisition.

• The Professional segment is comprised primarily of the brands which the Company acquired in the Colomer Acquisition, which include Revlon Professional in hair color and hair care; CND-branded productsin nail polishes and nail enhancements; and American Crew in men’s grooming products, all of which are sold worldwide in the professional salon channel. The Company’s principal customers for its professional products include hair and nail salons and distributors in the U.S. and internationally. The Professional segment also includes a multi-cultural hair care line sold in the mass retail channel and in professional salons, primarily in the U.S. The Company's principal customers for its professional products include hair and nail salons and distributors in the U.S. and internationally.

Results of Operations

In the tables, all amounts are in millions and numbers in parentheses ( ) denote unfavorable variances.

Consolidated Net Sales:

Consolidated net sales in 2014 were $1,941.0 million, an increase of $446.3 million, or 29.9%, as compared to $1,494.7 million in 2013. Excluding the unfavorable impact of foreign currency fluctuations of $60.1 million, consolidated net sales increased $506.4 million, or 33.9%, during 2014, primarily driven by the inclusion of net sales as a result of the Colomer Acquisition beginning in 2013. See "Segment Results" below for further discussion.

Consolidated net sales in 2013 were $1,494.7 million, an increase of $98.3 million, or 7.0%, compared to $1,396.4 million in 2012. Excluding the unfavorable impact of foreign currency fluctuations of $36.2 million, consolidated net sales increased $134.5 million, or 9.6%, from 2012, primarily driven by the inclusion of net sales as a result of the Colomer Acquisition, commencing on the Acquisition Date. See "Segment Results" below for further discussion.

Segment Results:

The Company's management evaluates segment profit, which is defined as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses, for each of the Company's Consumer and Professional segments. Segment profit also excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to

26

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

the segments' underlying operating performance, which includes the impacts of: (i) restructuring and related charges; (ii) acquisition and integration costs; (iii) costs of sales resulting from a fair value adjustment to inventory acquired in the Colomer Acquisition; (iv) insurance proceeds received in 2013 related to the 2011 fire that destroyed the Company's facility in Venezuela; and (v) an accrual for estimated clean-up costs related to the Company's facility in Venezuela. Unallocated corporate expenses primarily include general and administrative expenses related to the corporate organization. These expenses are recorded in unallocated corporate expenses as these items are centrally directed and controlled and are not included in internal measures of segment operating performance. The Company does not have any material inter-segment sales. For a reconciliation of segment profit to income from continuing operations before income taxes, see Note 18, "Segment Data and Related Information" to the Consolidated Financial Statements in this Form 10-K.

The following tables provide a comparative summary of the Company's segment results for each of 2014, 2013 and 2012. In the tables below, certain prior year amounts have been reclassified to conform to the current period’s presentation. Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment.

	Net Sales												Segment Profit
	Year Ended December 31,				Change				XFX Change (a)				Year Ended December 31,				Change
	2014		2013		$		%		$		%		2014		2013		$		%
Consumer	$	1,438.3	$	1,394.2	$	44.1	3.2	%	$	98.3	7.1	%	$	347.6	$	347.2	$	0.4	0.1	%
Professional	502.7		100.5		402.2		400.2	%	408.1		406.1	%	104.8		5.1		99.7		1,954.9	%
Total Net Sales	$	1,941.0	$	1,494.7	$	446.3	29.9	%	$	506.4	33.9	%	$	452.4	$	352.3	$	100.1	28.4	%

	Net Sales													Segment Profit
	Year Ended December 31,				Change					XFX Change (a)				Year Ended December 31,				Change
	2013		2012		$			%		$		%		2013		2012		$			%
Consumer	$	1,394.2	$	1,396.4	$	(2.2	)	(0.2	)%	$	34.0	2.4	%	$	347.2	$	363.1	$	(15.9	)	(4.4	)%
Professional	100.5		—		100.5			—		100.5		—		5.1		—		5.1			—
Total Net Sales	$	1,494.7	$	1,396.4	$	98.3		7.0	%	$	134.5	9.6	%	$	352.3	$	363.1	$	(10.8	)	(3.0	)%

^(a) XFX excludes the impact of foreign currency fluctuations.

Consumer Segment

Consumer segment net sales in 2014 were $1,438.3 million, an increase of $44.1 million, or 3.2%, compared to $1,394.2 million in 2013. Excluding the unfavorable impact of foreign currency fluctuations of $54.2 million, total Consumer net sales increased $98.3 million, or 7.1%, in 2014, compared to 2013, primarily driven by (i) the inclusion of $52.8 million of increased net sales from Consumer brands acquired in the Colomer Acquisition; (ii) $15.1 million of favorable returns reserve adjustments in the U.S. during 2014, as a result of lower expected discontinued products in the future related to the Company's strategy to focus on fewer, bigger and better innovations, partially offset by increased returns expense for current year returns; and (iii) higher net sales of Revlon color cosmetics, Revlon ColorSilk hair color and Mitchum anti-perspirant deodorant products. The increases in Consumer segment net sales in 2014 were partially offset by lower net sales of fragrances, as well as lower net sales of Almay, SinfulColors and Pure Ice color cosmetics.

Consumer segment profit in 2014 was $347.6 million, an increase of $0.4 million, or 0.1%, compared to $347.2 million in 2013, primarily due to higher gross profit, primarily due to the increase in net sales including the favorable returns adjustment discussed above, partially offset by $33.0 million of higher advertising expense to support the Company's Consumer brands, and approximately $17.0 million of unfavorable foreign currency fluctuations. See "Gross Profit" below for further discussion on changes in gross profit from 2013.

Total Consumer net sales in 2013 were $1,394.2 million, a decrease of $2.2 million, or 0.2%, compared to $1,396.4 million in 2012. Excluding the unfavorable impact of foreign currency fluctuations of $36.2 million, total Consumer net sales increased $34.0 million, or 2.4%, in 2013, compared to 2012, primarily driven by higher net sales of Revlon color cosmetics, SinfulColors color cosmetics, Revlon beauty tools and Revlon ColorSilk hair color, as well as the inclusion of the net sales of Pure Ice color cosmeticswhich began upon its acquisition in July 2012. Additionally, 2013 Consumer net sales included the retail brands acquired

27

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

in the Colomer acquisition commencing on the Acquisition Date, which contributed $16.3 million of net sales in 2013. The increases in net sales were partially offset by lower net sales of Almay color cosmetics. Consumer net sales in 2013 overall were unfavorably impacted by business conditions in Venezuela.

Consumer segment profit in 2013 decreased $15.9 million, or 4.4%, compared to $363.1 million in 2012, primarily driven by unfavorable foreign currency fluctuations of $15.1 million.

Professional Segment

The Company's Professional segment is comprised of most of the operations acquired by the Company in the Colomer Acquisition in October 2013 (with the exception of the retail brands acquired in the Colomer Acquisition, which the Company has included within the Consumer segment, as noted above). As Colomer was acquired in October 2013, there are no full year comparable prior years' net sales or segment profit for the Professional segment. Therefore, an analysis of net sales and segment profit for the Professional segment in 2014, compared to 2013, is not included in this Form 10-K. Professional net sales were $502.7 million for the full year of 2014 and $100.5 million from the October 2013 Acquisition Date through the end of 2013. Professional net sales during each period consisted primarily of the net sales of CND products worldwide, including CND Shellac; Revlon Professional products, primarily in Europe; and American Crew products and other professional brands world-wide.

Professional segment profit was $104.8 million for the full year of 2014 and $5.1 million from the October 2013 Acquisition Date through the end of 2013 and is comprised of the operating results of substantially all of the operations acquired in the Colomer Acquisition.

Geographic Results:

In connection with changes that the organization made to its management reporting structure following the Colomer Acquisition, beginning with the first quarter of 2014, the Company combined its former Latin America and Canada; Asia Pacific; and Europe, Middle East and Africa operating regions into the International region for reporting purposes. The Company has modified its net sales discussion to conform to the manner by which the Company's management reviews the business, and, accordingly, prior year amounts have been restated to conform to this presentation.

The following tables provide a comparative summary of the Company's net sales by region for each of the years ended December 31, 2014, 2013 and 2012:

	Year Ended December 31,				Change				XFX Change (a)
	2014		2013		$		%		$		%
United States	$	1,021.9	$	832.8	$	189.1	22.7	%	$	189.1	22.7	%
International	919.1		661.9		257.2		38.9	%	317.3		47.9	%
Total Net Sales	$	1,941.0	$	1,494.7	$	446.3	29.9	%	$	506.4	33.9	%

	Year Ended December 31,				Change				XFX Change (a)
	2013		2012		$		%		$		%
United States	$	832.8	$	799.8	$	33.0	4.1	%	$	33.0	4.1	%
International	661.9		596.6		65.3		10.9	%	101.5		17.0	%
Total Net Sales	$	1,494.7	$	1,396.4	$	98.3	7.0	%	$	134.5	9.6	%

^(a) XFX excludes the impact of foreign currency fluctuations.

United States

In the U.S., net sales in 2014 increased $189.1 million, or 22.7%, to $1,021.9 million, as compared to $832.8 million in 2013, primarily due to the inclusion of $157.1 million of increased net sales as a result of the Colomer Acquisition. Net sales in the U.S. were also impacted by $15.1 million of favorable returns reserve adjustments during 2014, as a result of lower expected discontinued products in the future related to the Company's strategy to focus on fewer, bigger and better innovations, partially offset by increased returns expense for current year returns. In addition, 2014 had higher net sales of Revlon color cosmetics, Revlon ColorSilk hair color and Mitchum anti-perspirant deodorant products, which were offset, in part, by lower net sales of Almay, SinfulColors and Pure Ice color cosmetics.

28

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

In the U.S., net sales in 2013 increased $33.0 million, or 4.1%, to $832.8 million, as compared to $799.8 million in 2012, almost entirely due to the inclusion of $32.4 million of net sales as a result of the Colomer Acquisition. Results were also driven by higher net sales of SinfulColors color cosmetics, Revlon beauty tools and Revlon ColorSilk hair color, as well as the inclusion of the net sales of Pure Ice color cosmetics which began upon its acquisition in July 2012, almost fully offset by lower net sales of Almay color cosmetics.

International

International net sales in 2014 increased $257.2 million, or 38.9%, to $919.1 million, as compared to $661.9 million in 2013. Excluding the $60.1 million unfavorable impact of foreign currency fluctuations, International net sales increased $317.3 million, or 47.9%, primarily due to the inclusion of $303.8 million of increased net sales as a result of the Colomer Acquisition. Additionally, net sales were impacted by higher net sales of Revlon color cosmetics in Venezuela and Japan and Mitchum anti-perspirant deodorant products primarily in the U.K., partially offset by lower net sales of Revlon color cosmetics in certain distributor markets and fragrances in the U.K. and Italy. Results in Venezuela for 2014 benefited from the increased availability of U.S. Dollars to import finished goods for sale, as compared to 2013.

International net sales in 2013 increased $65.3 million, or 10.9%, to $661.9 million, as compared to $596.6 million in 2012. Excluding the $36.2 million unfavorable impact of foreign currency fluctuations, International net sales increased $101.5 million, or 17.0%, primarily due to the inclusion of $84.4 million of net sales as a result of the Colomer Acquisition. Additionally, net sales were impacted by higher net sales of Revlon color cosmetics and SinfulColors color cosmetics in Japan, Australia and throughout Europe, partially offset by overall lower net sales, primarily in Venezuela, as a result of the negative impact of the business conditions in the country, including currency restrictions.

Gross profit:

	Year Ended December 31,									Change
	2014			2013			2012			2014 vs. 2013			2013 vs. 2012
Gross profit	$	1,272.7		$	949.6		$	902.6		$	323.1		$	47.0
Percentage of net sales	65.6		%	63.5		%	64.6		%	2.0		%	(1.1		)%

Gross profit increased $323.1 million, and as a percentage of net sales gross profit increased 2.0 percentage points in 2014, as compared to 2013. The drivers of gross profit in 2014, as compared to 2013, primarily included:

• the inclusion of gross profit from the Colomer Acquisition beginning in October 2013, which increased gross profit by $314.8 million and increased gross profit as a percentage of net sales by 1.3 percentage points;

• favorable sales mix within the Consumer segment, which increased gross profit by $19.3 million and increased gross profit as a percentage of net sales by 1.0 percentage points;

• favorable volume, which increased gross profit by $15.2 million, with no impact on gross profit as a percentage of net sales; and

• the favorable impact of returns accrual adjustments, net of related inventory write-off charges, due to lower expected discontinued products in the future related to the Company's strategy to focus on fewer, bigger and better innovations, which increased gross profit by $12.1 million and increased gross profit as a percentage of net sales by 0.1 percentage points;

with the foregoing partially offset by:

• unfavorable foreign currency fluctuations, which reduced gross profit by $45.1 million and reduced gross profit as a percentage of net sales by 0.4 percentage points.

In 2013, as compared to 2012, gross profit increased $47.0 million, and as a percentage of net sales gross profit decreased 1.1 percentage points. The drivers of gross profit in 2013, compared to 2012 primarily included:

• the inclusion of gross profit from the October 2013 Colomer Acquisition, which increased gross profit by $70.7 million and reduced gross profit as a percentage of net sales by 0.3 percentage points;

• favorable volume, which increased gross profit by $22.6 million, with no impact on gross profit as a percentage of net sales; and

• lower manufacturing and freight costs, as a result of supply chain cost reduction initiatives and restructuring savings, which increased gross profit by $5.7 million and increased gross profit as a percentage of net sales by 0.4 percentage points;

29

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

with the foregoing partially offset by:

• additional inventory costs as a result of the recognition of an increase in the fair value of inventory acquired in the Colomer Acquisition, which reduced gross profit by $8.5 million and reduced gross profit as a percentage of net sales by 0.6 percentage points;

• unfavorable foreign currency fluctuations, which reduced gross profit by $28.5 million and reduced gross profit as a percentage of net sales by 0.4 percentage points; and

• higher sales returns and markdowns, which reduced gross profit by $13.8 million and reduced gross profit as a percentage of net sales by 0.4 percentage points.

SG&A expenses:

	Year Ended December 31,						Change
	2014		2013		2012		2014 vs. 2013			2013 vs. 2012
SG&A expenses	$	999.7	$	723.6	$	663.3	$	(276.1	)	$	60.3

In 2014, as compared to 2013, SG&A expenses increased $276.1 million, primarily driven by:

• the inclusion of SG&A expenses as a result of the Colomer Acquisition, beginning in October 2013, which contributed $226.2 million to the increase in SG&A expenses;

• $33.0 million of higher advertising expenses to support the Company's brands within the Consumer segment;

• a $26.4 million gain from insurance proceeds in 2013 due to the settlement of the Company's claim for the loss of inventory from the fire that destroyed the Company's facility in Venezuela, partially offset by an accrual in 2013 of $7.6 million for estimated clean-up costs related to the destroyed facility, which did not recur in 2014;

• $19.0 million of higher general and administrative expenses, primarily due to increased severance related costs, higher incentive and stock-based compensation expense, and higher occupancy costs due to overlapping rents as a result of the Company's relocation of its New York City headquarters during 2014; and

• $4.0 million of higher amortization of permanent wall displays;

with the foregoing partially offset by:

• $24.8 million of favorable impacts due to foreign currency fluctuations.

In 2013, as compared to 2012, SG&A expenses increased $60.3 million, primarily driven by:

• the inclusion of SG&A expenses in the Professional segment as a result of the Colomer Acquisition, commencing on the Acquisition Date, which contributed $74.8 million to the increase in SG&A expenses; and

• $5.1 million of increased permanent display amortization costs;

• higher incentive compensation expense related to a modification to the structure of the Company's long-term incentive plan during 2013, which was implemented to better align the plan with the Company's long-term performance. While the new structure did not change the amount of an employees' annual incentive award opportunity, the transition resulted in higher expense of $4.5 million in 2013 as compared to 2012;

with the foregoing partially offset by:

• a net decrease of $16.0 million related to the fire that destroyed the Company's facility in Venezuela in June 2011, comprised of:

◦ a $26.4 million gain from insurance proceeds recognized in 2013 as a result of the settlement of the Company’s insurance claims for the loss of inventory, business interruption losses and property losses;

◦ partially offset by: (i) an accrual of $7.6 million for estimated clean-up costs related to the destroyed facility in Venezuela, which was recognized in 2013; and (ii) $2.8 million of income from insurance proceeds recognized in 2012 related to business interruption losses incurred; and

• $14.4 million of favorable impact of foreign currency fluctuations.

30

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Acquisition and Integration Costs:

	Year Ended December 31,						Change
	2014		2013		2012		2014 vs. 2013		2013 vs. 2012
Acquisition and integration costs	$	6.4	$	25.4	$	—	$	19.0	$	25.4

The acquisition and integration costs for 2014 and 2013 are summarized in the table presented below. The Company did not incur acquisition or integration related costs during 2012.

	Year Ended December 31,
	2014		2013
Acquisition costs	$	0.5	$	12.9
Integration costs	5.9		12.5
Total acquisition and integration costs	$	6.4	$	25.4

Acquisition costs in 2013 and 2014 primarily include legal fees and consulting fees directly attributable to the Colomer Acquisition. The integration costs consist of non-restructuring costs related to the Company's integration of Colomer's operations into the Company's business. Integration costs incurred during 2014 primarily include employee-related costs related to management changes and audit-related fees. For 2013, integration costs primarily related to an impairment of in-progress capitalized software development costs as well as employee-related costs due to management changes.

Restructuring charges and other, net:

	Year Ended December 31,						Change
	2014		2013		2012		2014 vs. 2013			2013 vs. 2012
Restructuring charges and other, net	$	21.3	$	3.5	$	20.5	$	(17.8	)	$	(17.0	)

Integration Program

During 2014, the Company recorded charges totaling $20.1 million related to restructuring and related actions under the Integration Program, of which $18.9 million was recorded in restructuring charges and other, net, $0.6 million was recorded in cost of sales and $0.6 million was recorded in SG&A expenses.

For additional details on the Integration Program, please see "Overview - Recent Events - Integration Program."

Other Immaterial Restructuring Actions

During 2014, the Company recorded net charges totaling $2.7 million of restructuring and related charges, for other immaterial restructuring actions within the Consumer segment, due to $5.3 million of charges primarily related to employee-related costs, partially offset by a $2.6 million gain related to the sale of property, plant and equipment.

December 2013 Program

The Company recognized cumulative charges of $21.4 million on December 30, 2013 within income (loss) from discontinued operations, related to restructuring actions that included exiting its business operations in China, as well as implementing other immaterial restructuring actions outside the U.S. that are expected to generate other operating efficiencies (the "December 2013 Program"). In 2014, the Company revised its estimated charges for the December 2013 Program and decreased its restructuring and related charges by $2.5 million, for cumulative charges incurred through December 31, 2014 of $18.9 million. Of that $2.5 million decrease, $2.3 million related to the Company's exit of its business operations in China and was recorded within income (loss) from discontinued operations, net of taxes. The remaining $0.2 million was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

The Company expects cash payments to total approximately $17 million related to the December 2013 Program, of which $15.5 million was paid during 2014, $0.1 million was paid in 2013, and the remaining balance of $1.4 million is expected to be paid during 2015.

The Company's 2014 results benefited by approximately $10 million of cost reductions realized from the December 2013 Program, with annualized cost reduction in the aggregate in 2015 and thereafter expected to be approximately $11 million.

31

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

September 2012 Program

During 2012, the Company recorded charges totaling $24.1 million related to a worldwide restructuring (the “September 2012 Program”), which primarily involved the Company exiting its owned manufacturing facility in France and its leased manufacturing facility in Maryland; rightsizing its organizations in France and Italy; and realigning its operations in Latin America, including consolidating Latin America and Canada into a single operating region, which became effective in the fourth quarter of 2012. Of the $24.1 million charge: (a) $20.7 million was recorded in restructuring charges and other, net; (b) $1.6 million was recorded as a reduction to net sales; (c) $1.2 million was recorded in cost of goods sold; and (d) $0.6 million was recorded in SG&A expenses.

During 2013, the Company recorded additional net charges of $3.1 million related to the September 2012 Program which was primarily due to $5.6 million of additional charges as a result of changes in estimates related to severance and other termination benefits, partially offset by a $2.5 million gain related to the July 2013 sale of the Company's manufacturing facility in France. Of the $3.1 million net charge, (a) $2.7 million was recorded in restructuring charges and other, net; (b) $0.2 million was recorded in cost of sales; and (c) $0.2 million was recorded in SG&A expenses.

No additional charges were recorded during 2014 as a result of the September 2012 Program.

Total net cash payments of $25.1 million were paid in connection with the September 2012 Program, of which $4.0 million was paid during 2014, and $21.1 million was paid cumulatively through December 31, 2013.

The Company's results for 2014 and 2013 benefited from approximately $10 million and $7 million of cost reductions, respectively from the September 2012 Program.

For further discussion of the Integration Program, December 2013 Program and September 2012 Program, see Note 3, “Restructuring Charges,” to the Consolidated Financial Statements in this Form 10-K.

Interest expense:

	Year Ended December 31,						Change
	2014		2013		2012		2014 vs. 2013			2013 vs. 2012
Interest expense	$	84.4	$	78.6	$	85.3	$	(5.8	)	$	(6.7	)

The $5.8 million increase in interest expense in 2014, as compared to the prior year periods, is primarily due to higher average debt as a result of Products Corporation's Acquisition Term Loan that was used to fund the Colomer Acquisition, partially offset by lower weighted-average borrowing rates.

The $6.7 million decrease in interest expense in 2013, as compared to 2012, was primarily due to lower weighted-average borrowing rates as a result of the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments (as hereinafter defined), partially offset by higher average debt primarily due to the Acquisition Term Loan. Refer to “Financial Condition, Liquidity and Capital Resources – Long-Term Debt Instruments” for further discussion.

Loss on early extinguishment of debt:

	Year Ended December 31,						Change
	2014		2013		2012		2014 vs. 2013		2013 vs. 2012
Loss on early extinguishment of debt	$	2.0	$	29.7	$	—	$	27.7	$	29.7

The Company recognized an aggregate loss on the early extinguishment of debt of $2.0 million during 2014, primarily due to $1.1 million of fees and expenses which were expensed as incurred in connection with the February 2014 Term Loan Amendment, as well as the write-off of $0.8 million of unamortized debt discount and deferred financing fees as a result of such transaction. The remaining $0.1 million was related to the write-off of deferred financing costs in connection with the early repayment of the Non-Contributed Loan. Refer to “Financial Condition, Liquidity and Capital Resources - Long Term Debt Instruments" for further discussion.

The Company recognized an aggregate loss on the early extinguishment of debt of $29.7 million during 2013, primarily due to $20.4 million of fees and expenses which were expensed as incurred in connection with the 2013 Senior Notes Refinancing, February 2013 Term Loan Amendments (as hereinafter defined) and August 2013 Term Loan Amendments (as hereinafter defined), as well as the write-off of $9.3 million of unamortized debt discount and deferred financing fees as a result of the 2013 Senior

32

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Notes Refinancing and February 2013 Term Loan Amendments (as hereinafter defined). Refer to “Financial Condition, Liquidity and Capital Resources – Long-Term Debt Instruments” for further discussion.

Foreign currency losses, net:

	Year Ended December 31,						Change
	2014		2013		2012		2014 vs. 2013			2013 vs. 2012
Foreign currency losses, net	$	25.0	$	3.7	$	2.8	$	(21.3	)	$	0.9

The increase in foreign currency losses, net, of $21.3 million during 2014, as compared to 2013, was primarily driven by:

• the unfavorable impact of the revaluation of certain U.S. Dollar denominated intercompany payables during 2014, as compared to 2013; and

• a $6.0 million foreign currency loss related to the required re-measurement of Revlon Venezuela's balance sheet during the second quarter of 2014.

The increase in foreign currency losses net, of $0.9 million during 2013, as compared to 2012, was primarily driven by:

• the unfavorable impact of the revaluation of certain foreign currency denominated intercompany receivables and U.S. dollar denominated payables from the Company’s foreign subsidiaries during 2013 as compared to 2012; and

• a $0.6 million foreign currency loss related to the required re-measurement of Revlon Venezuela's balance sheet during the first quarter of 2013;

with the foregoing partially offset by:

• a $2.2 million foreign currency gain for 2013 as compared to a $1.9 million foreign currency loss for 2012 related to the Company’s foreign currency forward exchange contracts ("FX Contracts").

Provision for income taxes:

	Year Ended December 31,						Change
	2014		2013		2012		2014 vs. 2013		2013 vs. 2012
Provision for income taxes	$	81.2	$	48.6	$	44.8	$	32.6	$	3.8

The provision for income taxes increased $32.6 million in 2014, as compared to 2013 primarily due to the loss on early extinguishment of debt recognized in 2013 and certain expenses related to the Colomer Acquisition, as well as the favorable resolution of tax matters in a foreign jurisdiction, each of which favorably affected the provision for income taxes in 2013 and each of which did not recur in 2014, increased pre-tax income and establishing a valuation allowance against certain deferred tax assets in the Professional segment in 2014, partially offset by the favorable impact of certain discrete items in 2014, including the favorable resolution of tax matters in certain jurisdictions and return-to-provision adjustments.

The provision for income taxes increased $3.8 million in 2013, as compared to 2012 primarily due to a non-cash benefit of $15.8 million in 2012 related to the reduction of the Company's deferred tax valuation allowance on certain of its net deferred tax assets for certain jurisdictions within the U.S. at December 31, 2012 as a result of the Company's improved earnings trends and cumulative taxable income in those jurisdictions. Excluding the non-cash benefit in 2012, the provision for income taxes in 2013 was lower than 2012 primarily due to lower pre-tax income and the favorable resolution of tax matters in a foreign jurisdiction in 2013, partially offset by certain favorable discrete items that benefited 2012 and which did not recur in 2013 and higher state and local taxes, net of U.S. federal income tax benefits.

The Company's effective tax rate for 2014 was higher than the federal statutory rate of 35% due principally to state and local taxes, net of U.S federal income tax benefit, establishing a valuation allowance against certain deferred tax assets in the Professional segment, foreign dividends and earnings taxable in the U.S. and foreign and U.S. tax effects attributable to operations outside the U.S.

33

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

The Company's effective tax rate for 2013 was higher than the federal statutory rate of 35% due principally to foreign dividends and earnings taxable in the U.S. and state and local taxes, net of U.S. federal income tax benefits, which were partially offset by foreign and U.S. tax effects attributable to operations outside the U.S.

The Company expects that its tax provision and effective tax rate in any individual quarter and year-to-date period will vary and may not be indicative of the Company's tax provision and effective tax rate for the full year.

In assessing the recoverability of its deferred tax assets, management regularly considers whether some portion or all of the deferred tax assets will not be realized based on the recognition threshold and measurement of a tax position. The ultimate realization of deferred tax assets is generally dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Based on the level of historical losses for certain jurisdictions within the U.S., the Company had maintained a deferred tax valuation allowance against certain of its deferred tax assets. As of December 31, 2012, the Company had experienced improved earnings trends and had cumulative taxable income in such jurisdictions. As a result of such earnings trends and the Company’s tax position, and based upon the Company’s projections for future taxable income over the periods in which the deferred tax assets are recoverable, management concluded that it was more likely than not that the Company would realize the benefits of certain of its net deferred tax assets existing at December 31, 2012 in those jurisdictions. Therefore, at December 31, 2012 the Company realized a non-cash benefit of $15.8 million related to a reduction of the Company’s deferred tax valuation allowance on certain of its net deferred tax assets for certain jurisdictions within the U.S. The Company reflected this benefit in the tax provision and this non-cash benefit increased net income at December 31, 2012, as discussed above.

See Note 16, “Income Taxes,” to the Consolidated Financial Statements in this Form 10-K for further discussion of the above.

Income (Loss) from Discontinued Operations, Net of Taxes:

	Year Ended December 31,								Change
	2014		2013			2012			2014 vs. 2013		2013 vs. 2012
Income (loss) from Discontinued Operations, net of taxes	$	1.3	$	(30.4	)	$	(10.1	)	$	31.7	$	(20.3	)

Discontinued operations consist of the Company's operations in China within the Consumer segment. The decrease in loss from discontinued operations in 2014, as compared to 2013, was primarily due to restructuring charges of $20.0 million which were recorded in 2013 as a result of the December 2013 Program, as well as favorable adjustments of approximately $2.3 million to net sales, cost of sales and the restructuring reserve due to changes in estimated restructuring charges. The increase in the loss from discontinued operations, net of taxes, in 2013 compared to 2012 was due to the aforementioned $20.0 million of restructuring and related charges for the December 2013 Program.

See Note 3, "Restructuring Charges" and Note 4, "Discontinued Operations" to the Consolidated Financial Statements in this Form 10-K for further discussion.

Financial Condition, Liquidity and Capital Resources

At December 31, 2014, the Company had a liquidity position of $435.7 million, consisting of unrestricted cash and cash equivalents (net of any outstanding checks) of $269.7 million, as well as $166.0 million in available borrowings under the $175.0 million asset-based, multi-currency revolving credit facility (the "Amended Revolving Credit Facility"), based upon the borrowing base less $9.0 million of undrawn outstanding letters of credit and nil then drawn under the Amended Revolving Credit Facility at such date.

The Company’s foreign operations held $78.1 million out of the total $269.7 million in unrestricted cash and cash equivalents (net of any outstanding checks) as of December 31, 2014.  The cash held by the Company’s foreign operations is primarily used to fund such operations. The Company regularly assesses its cash needs and the available sources of cash to fund these needs. As part of this assessment, the Company determines the amount of foreign earnings, if any, that it intends to repatriate to help fund its domestic cash needs, including for the Company’s debt service obligations, and pays applicable U.S. income and foreign withholding taxes, if any, on such earnings. The Company believes that the cash generated by its domestic operations and availability under the Amended Revolving Credit Facility and other permitted lines of credit should be sufficient to meet its domestic liquidity needs for at least the next twelve months. Therefore, the Company does not currently anticipate that restrictions or taxes on repatriation of foreign earnings will have a material effect on the Company’s liquidity during such period.

34

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Changes in Cash Flows

At December 31, 2014, the Company had cash and cash equivalents of $275.3 million, compared with $244.1 million at December 31, 2013. The following table summarizes the Company’s cash flows from operating, investing and financing activities in 2014, 2013, and 2012:

	Years Ended December 31,
	2014			2013			2012
Net cash provided by operating activities	$	174.0		$	123.3		$	104.1
Net cash used in investing activities	(52.1		)	(639.4		)	(86.3		)
Net cash (used in) provided by financing activities	(75.1		)	649.0			(3.4		)
Effect of exchange rate changes on cash and cash equivalents	(15.6		)	(5.1		)	0.2

Operating Activities

Net cash provided by operating activities was $174.0 million, $123.3 million and $104.1 million for 2014, 2013 and 2012, respectively. As compared to 2013, cash provided by operating activities in 2014 was favorably impacted by cash provided by the operations of the Professional segment, partially offset by higher interest payments and unfavorable changes in working capital, including higher tax payments and higher payments for restructuring actions primarily related to both the December 2013 and Integration Programs. As compared to 2012, cash provided by operating activities in 2013 was impacted by favorable changes in working capital, partially due to cash provided by operations in the Professional segment, lower pension contributions and lower premium payments related to certain of the Company's multi-year insurance programs; partially offset by higher restructuring payments primarily related to the September 2012 Program, payment of acquisition and integration costs related to the Colomer Acquisition.

Net cash used in operating activities of approximately $27 million in 2014 and $10 million in both 2013 and 2012 related to discontinued operations, including restructuring payments.

Investing Activities

Net cash used in investing activities was $52.1 million, $639.4 million and $86.3 million for 2014, 2013 and 2012, respectively.

Net cash used in investing activities for 2014 included:

• $55.5 million of cash used for capital expenditures, which were partially offset by $3.4 million in proceeds from the sale of property, plant and equipment, primarily related to other immaterial restructuring actions.

Net cash used in investing activities for 2013 included:

• a cash payment of $664.5 million for the Colomer Acquisition, offset by $36.9 million of cash and cash equivalents acquired in such transaction, for a net cash use of $627.6 million; and

• $28.6 million of cash used for capital expenditures;

with the foregoing partially offset by:

• $13.1 million of insurance proceeds received in July 2013 for the Company's property claim related to the June 2011 fire at the Company's facility in Venezuela.

Net cash used in investing activities for 2012 included:

• a cash payment of $66.2 million in July 2012 to acquire certain assets, including trademarks and other intellectual property related to Pure Ice nail enamel and Bon Bons cosmetics brands (the "Pure Ice Acquisition"); and

• $20.9 million of cash used for capital expenditures.

Financing Activities

Net cash (used in) provided by financing activities was $(75.1) million, $649.0 million and $(3.4) million for 2014, 2013 and 2012, respectively.

Net cash used in financing activities for 2014 included:

• the repayment in May 2014 of the $58.4 million aggregate principal amount outstanding of the Non-Contributed Loan;

35

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

• $7.0 million of scheduled amortization payments on the Acquisition Term Loan;

• $4.7 million of short-term borrowings and overdraft; and

• the payment of $1.8 million of financing costs primarily related to the February 2014 Term Loan Amendment.

Net cash provided by financing activities for 2013 included:

• Cash proceeds received in connection with the Acquisition Term Loan, in the aggregate principal amount of $700.0 million, or $698.3 million, net of discounts; and

• Products Corporation's issuance of the $500.0 million aggregate principal amount of the 5¾% Senior Notes at par;

with the foregoing partially offset by:

• the repayment and redemption of all of the $330.0 million aggregate principal amount outstanding of Products Corporation's 9¾% Senior Secured Notes in connection with the 2013 Senior Notes Refinancing;

• the repayment of the $113.0 million in principal on the 2011 Term Loan in connection with the consummation of the February 2013 Term Loan Amendments (as hereinafter defined); and

• the payment of $48.8 million of financing costs comprised of: (i) $17.5 million of redemption and tender offer premiums, as well as fees and expenses related to the repayment and redemption of all of the $330.0 million aggregate principal amount outstanding of the 9¾% Senior Secured Notes in connection with the 2013 Senior Notes Refinancing; (ii) $10.2 million of underwriters' fees and other fees in connection with the issuance of the 5¾% Senior Notes in connection with the 2013 Senior Notes Refinancing; (iii) $1.2 million of fees incurred in connection with the February 2013 Term Loan Amendments (as hereinafter defined); (iv) $3.5 million of fees incurred in connection with the August 2013 Term Loan Amendments (as hereinafter defined); (v) $15.9 million of fees incurred in connection with the Incremental Amendment (as hereinafter defined); and (vi) $0.5 million of fees incurred in connection with the 2013 Revolver Amendments (as hereinafter defined).

Net cash used in financing activities in 2012 included:

• an aggregate $8.0 million of scheduled amortization payments of principal on the 2011 Term Loan Facility (as hereinafter defined) in 2012;

with the foregoing partially offset by:

• a $6.3 million increase in short term borrowings and overdraft.

Refer to "Long-Term Debt Instruments - 2013 Debt Transactions" below for the definition and further discussion of the debt instruments and related financing activities discussed above.

Cash Pooling Arrangement

Certain of the Company's foreign subsidiaries utilize a cash pooling arrangement with a financial institution for cash management purposes. This cash pooling arrangement allows the Company's participating subsidiaries to withdraw cash from the financial institution to the extent that aggregate cash deposits held by the Company's participating subsidiaries are available at the financial institution. To the extent any participating location on an individual basis is in an overdraft position, such overdrafts would be recorded within short-term borrowings in the Consolidated Balance Sheet and reflected as financing activities in the Consolidated Statement of Cash Flows, and the cash deposits held as collateral for such overdrafts would be classified as restricted cash within cash and cash equivalents. As of December 31, 2014, the Company had $3.4 million of such overdrafts recorded in short-term borrowings and $3.4 million of restricted cash recorded in cash and cash equivalents in the Consolidated Balance Sheet.

Long-Term Debt Instruments

(a) Recent Debt Transactions

The Company completed several debt transactions during 2014 and 2013:

2014 Debt Transactions

February 2014 Term Loan Amendment

36

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

In February 2014, Products Corporation entered into the February 2014 Term Loan Amendment to its Amended Term Loan Agreement among Products Corporation, as borrower, a syndicate of lenders and Citicorp USA, Inc. ("CUSA"), as administrative agent and collateral agent.

Pursuant to the February 2014 Term Loan Amendment, the interest rates applicable to Eurodollar Loans under the $675.0 million 2011 Term Loan bear interest at the Eurodollar Rate plus 2.5% per annum, with the Eurodollar Rate not to be less than 0.75% (compared to 3.0% and 1.0%, respectively, prior to the February 2014 Term Loan Amendment), while Alternate Base Rate Loans under the 2011 Term Loan bear interest at the Alternate Base Rate plus 1.5%, with the Alternate Base Rate not to be less than 1.75% (compared to 2.0% in each case prior to the February 2014 Term Loan Amendment) (and as each such term is defined in the Amended Term Loan Agreement).

Products Corporation's Acquisition Term Loan and Amended Revolving Credit Facility were not amended in connection with the February 2014 Term Loan Amendment.

For 2014, the Company incurred approximately $1.1 million of fees and expenses in connection with the February 2014 Term Loan Amendment, which were expensed as incurred, and wrote-off $0.8 million of unamortized debt discount and deferred financing costs as a result of the February 2014 Term Loan Amendment. These amounts, totaling $1.9 million, were recognized within loss on early extinguishment of debt in the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income for 2014.

Repayment of Non-Contributed Loan

On May 1, 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the Non-Contributed Loan that remained owing from Products Corporation to various third parties.  The Non-Contributed Loan would have otherwise matured on October 8, 2014. The Company wrote-off $0.1 million of deferred financing costs, which were recognized within loss on early extinguishment of debt in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for 2014.

2013 Debt Transactions

Term Loan and Revolving Credit Facility Amendments

(i) February 2013 Term Loan Amendments

In February 2013, Products Corporation consummated an amendment (the "February 2013 Term Loan Amendments"), to its third amended and restated term loan agreement dated as of May 19, 2011 (as amended, the "2011 Term Loan Agreement," or the “2011 Term Loan Facility” or the "2011 Term Loan") among Products Corporation, as borrower, a syndicate of lenders and CUSA, as administrative agent and collateral agent.

Pursuant to the February 2013 Term Loan Amendments, Products Corporation reduced the total aggregate principal amount outstanding under the 2011 Term Loan from $788.0 million to $675.0 million, using a portion of the proceeds from Products Corporation’s issuance of its 5¾% Senior Notes (see “2013 Senior Notes Refinancing” below), together with cash on hand.  The February 2013 Term Loan Amendments also reduced the interest rates on the 2011 Term Loan such that Eurodollar Loans bore interest at the Eurodollar Rate plus 3.00% per annum, with the Eurodollar Rate not to be less than 1.00% (compared to 3.50% and 1.25%, respectively, prior to the February 2013 Term Loan Amendments), while Alternate Base Rate Loans bore interest at the Alternate Base Rate plus 2.00%, with the Alternate Base Rate not to be less than 2.00% (compared to 2.50% and 2.25%, respectively, prior to the February 2013 Term Loan Amendments) (and as each such term is defined in the 2011 Term Loan Agreement). 

Pursuant to the February 2013 Term Loan Amendments, Products Corporation, under certain circumstances, also has the right to request the 2011 Term Loan to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the 2011 Term Loan Agreement) does not exceed 3.50:1.00 (compared to $300 million prior to the February 2013 Term Loan Amendments), provided that the lenders are not committed to provide any such increase. Any such increase would be in addition to the Acquisition Term Loan.

(ii) August 2013 Term Loan Amendments

In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated further amendments (the "August 2013 Term Loan Amendments") to its 2011 Term Loan Agreement (as amended by the August 2013 Term Loan Amendments and the Incremental Amendment (as hereinafter defined), the "Amended Term Loan Agreement" or the "Amended Term Loan Facility"), which permitted, among other things: (i) Products Corporation's consummation of the Colomer Acquisition; and (ii) Products Corporation's incurring up to $700 million of term loans which it used as a source of funds to consummate the Colomer Acquisition and to pay related fees and expenses.

37

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

(iii) Incremental Amendment

In August 2013, in connection with the Colomer Acquisition, Products Corporation entered into an incremental amendment (the "Incremental Amendment") resulting in the Amended Term Loan Agreement with Citibank, N.A., JPMorgan Chase Bank, N.A., Bank of America, N.A, Credit Suisse AG, Cayman Islands Branch, Wells Fargo Bank, N.A. and Deutsche Bank AG New York Branch (collectively, the "Initial Acquisition Lenders") and CUSA, as administrative agent and collateral agent, pursuant to which the Initial Acquisition Lenders committed to provide up to $700 million of term loans under the Amended Term Loan Agreement (the "Acquisition Term Loan"). The Acquisition Term Loan was issued on October 8, 2013 and Products Corporation used the net proceeds of $698.3 million as a source of funds to consummate the Colomer Acquisition and to pay related fees and expenses.

(iv) Amended Revolving Credit Facility

In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated an amendment (the "August 2013 Revolver Amendment") to its third amended and restated revolving credit agreement dated June 16, 2011 (the "2011 Revolving Credit Agreement") which amended its $140.0 million asset-backed, multi-currency revolving credit facility (the "2011 Revolving Credit Facility") to permit, among other things: (a) Products Corporation's consummation of the Colomer Acquisition; and (b) Products Corporation's incurring up to $700 million of the Acquisition Term Loan that Products Corporation used as a source of funds to consummate the Colomer Acquisition. Additionally, the August 2013 Revolver Amendment (1) reduced Products Corporation's interest rate spread over the LIBOR rate applicable to Eurodollar Loans under the facility from a range, based on availability, of 2.00% to 2.50%, to a range of 1.50% to 2.00%; (2) reduced the commitment fee on unused availability under the facility from 0.375% to 0.25%; and (3) extended the maturity of the facility, which was previously scheduled to mature in June 2016, to the earlier of (i) August 2018 or (ii) the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under Products Corporation's bank term loan agreements, but not earlier than June 2016.

Additionally, in December 2013, Products Corporation entered into an incremental amendment (the "December 2013 Revolver Amendment" and together with the August 2013 Revolver Amendment, the "2013 Revolver Amendments") to its third amended and restated revolving credit agreement, dated as of June 16, 2011 (as amended by the 2013 Revolver Amendments, the "Amended Revolving Credit Agreement" and "Amended Revolving Credit Facility"). Under the terms of the December 2013 Revolver Amendment, the lenders' commitment to provide borrowings to Products Corporation and its subsidiary borrowers under the Amended Revolving Credit Facility was increased from $140.0 million to $175.0 million.

2013 Senior Notes Refinancing

In February 2013, Products Corporation issued $500.0 million aggregate principal amount of 5¾% Senior Notes due February 15, 2021 (the “5¾% Senior Notes”) to investors at par. Products Corporation used $491.2 million of the net proceeds (net of underwriters' fees) from the issuance of the 5¾% Senior Notes to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes that were otherwise due November 2015 (the “9¾% Senior Secured Notes"), as well as to pay an aggregate of $28.0 million for the applicable redemption and tender offer premiums, accrued interest and related fees and expenses. Products Corporation used a portion of the remaining proceeds, together with existing cash, to pay approximately $113.0 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, including the repayment of the Contributed Loan (as hereinafter defined) as described below.

Repayment of the Contributed Loan

On October 8, 2013, Products Corporation paid to Revlon, Inc. at maturity the $48.6 million principal amount due under the Amended and Restated Senior Subordinated Term Loan Agreement (the "Contributed Loan"), which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Series A Preferred Stock in connection with its mandatory redemption on such date.

(b) Summary of Terms and Covenants

Amended Credit Agreements

The following is a summary description of the Amended Term Loan Facility, which includes the 2011 Term Loan and the Acquisition Term Loan, and the Amended Revolving Credit Facility. Unless otherwise indicated, capitalized terms have the meanings given to them in the Amended Term Loan Agreement and/or the Amended Revolving Credit Agreement (the "Amended Credit Agreements"), as applicable. Investors should refer to the Amended Revolving Credit Agreement and/or the Amended Term Loan Agreement for complete terms and conditions, as these summary descriptions are subject to a number of qualifications and exceptions.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Amended Term Loan Facility

Under the Amended Term Loan Facility, as of December 31, 2014, Eurodollar Loans bear interest at the Eurodollar Rate plus 2.5% per annum (with the Eurodollar Rate not to be less than 0.75%) and Alternate Base Rate Loans bear interest at the Alternate Base Rate plus 1.50% (with the Alternate Base Rate not to be less than 1.75%).

The term loans under the Amended Term Loan Facility are required to be prepaid with:

(i) the net cash proceeds in excess of $10 million for each 12-month period ending on March 31 received during such period from sales of Term Loan First Lien Collateral by Products Corporation or any of its subsidiary guarantors with carryover of unused annual basket amounts up to a maximum of $25 million and with respect to certain specified dispositions up to an additional $25 million in the aggregate (subject to a reinvestment right for 365 days, or 545 days if the Company has within such 365-day period entered into a legally binding commitment to invest such funds);

(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt; and

(iii) 50% of Products Corporation’s “excess cash flow” (as defined under the Amended Term Loan Agreement), commencing with excess cash flow for the 2014 fiscal year payable in the first 100 days of 2015.

The Amended Term Loan Facility contains a financial covenant limiting Products Corporation’s first lien senior secured leverage ratio (the ratio of Products Corporation’s senior secured debt that has a lien on the collateral which secures the Amended Term Loan Facility that is not junior or subordinated to the liens securing the Amended Term Loan Facility (excluding debt outstanding under the Amended Revolving Credit Facility)) to EBITDA, as each such term is defined in the Amended Term Loan Facility, to no more than 4.25 to 1.0 (pursuant to the August 2013 Term Loan Amendments) for each period of four consecutive fiscal quarters ending during the period from June 30, 2011 to the maturity date of the Amended Term Loan Facility.

Products Corporation, under certain circumstances, also has the right to request the Amended Term Loan Facility to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the Amended Term Loan Agreement) does not exceed 3.50:1.00 (compared to $300 million prior to the February 2013 Term Loan Amendments), provided that the lenders are not committed to provide any such increase. Such increase is in addition to the Acquisition Term Loan.

The $675.0 million 2011 Term Loan outstanding under the Amended Term Loan Facility matures on November 19, 2017. The $700.0 million Acquisition Term Loan under the Amended Term Loan Facility has the same terms as the 2011 Term Loan, except that: (i) it matures on the sixth anniversary of the closing of the Acquisition Term Loan (or October 8, 2019); and (ii) it amortizes on March 31, June 30, September 30 and December 31 of each year, beginning March 31, 2014, in an amount equal to 0.25% of the aggregate principal amount of such Acquisition Term Loan.

As of December 31, 2014, Products Corporation is required to prepay, on or before April 10, 2015, $24.6 million of indebtedness under the Amended Term Loan Facility, representing 50% of its 2014 "excess cash flow" (as defined under the Amended Term Loan Agreement). The prepayment will be applied on a ratable basis between the principal amounts outstanding under the 2011 Term Loan and the Acquisition Term Loan. The amount of the prepayment to be applied to the 2011 Term Loan will be used to reduce the aggregate principal amount outstanding (as all amortization payments under the 2011 Term Loan have been paid), while the amount to be applied to the Acquisition Term Loan will be used to reduce Products Corporation's future regularly scheduled quarterly amortization payments under the Acquisition Term Loan on a ratable basis from $1.8 million prior to the prepayment to $1.7 million after giving effect to the prepayment and through its maturity on October 8, 2019.

Amended Revolving Credit Facility

Availability under the Amended Revolving Credit Facility varies based on a borrowing base that is determined by the value of eligible trade receivables and eligible inventory in the U.S. and the U.K. and eligible real property and equipment in the U.S. from time to time.

In January 2014, Colomer's U.S.-domiciled subsidiaries (the “Colomer U.S. Subsidiaries”) became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture. In connection with becoming guarantors, substantially all of the assets of the Colomer U.S. Subsidiaries were pledged as collateral under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, thereby increasing the value of the assets supporting the borrowing base under the Amended Revolving Credit Facility.

If the value of the eligible assets is not sufficient to support the $175.0 million borrowing base under the Amended Revolving Credit Facility, Products Corporation will not have full access to the Amended Revolving Credit Facility. Products Corporation’s ability to borrow under the Amended Revolving Credit Facility is also conditioned upon the satisfaction of certain conditions precedent and Products Corporation’s compliance with other covenants in the Amended Revolving Credit Agreement.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

In each case subject to borrowing base availability, the Amended Revolving Credit Facility is available to:

(i) Products Corporation in revolving credit loans denominated in U.S. Dollars;

(ii) Products Corporation in swing line loans denominated in U.S. Dollars up to $30.0 million;

(iii) Products Corporation in standby and commercial letters of credit denominated in U.S. Dollars and other currencies up to $60.0 million; and

(iv) Products Corporation and certain of its international subsidiaries designated from time to time in revolving credit loans and bankers’ acceptances denominated in U.S. Dollars and other currencies.

As a result of the August 2013 Revolver Amendment, under the Amended Revolving Credit Facility, borrowings (other than loans in foreign currencies) bear interest, if made as Eurodollar Loans, at the Eurodollar Rate plus the applicable margin set forth in the grid below and, if made as Alternate Base Rate Loans, at the Alternate Base Rate plus the applicable margin set forth in the grid below.

Excess Availability	Alternate Base Rate Loans	Eurodollar Loans, Eurocurrency Loan or Local Rate Loans
Greater than or equal to $92,000,000	0.50%	1.50%
Less than $92,000,000 but greater than or equal to $46,000,000	0.75%	1.75%
Less than $46,000,000	1.00%	2.00%

Local Loans (as defined in the Amended Revolving Credit Agreement) bear interest, if mutually acceptable to Products Corporation and the relevant foreign lenders, at the Local Rate, and otherwise (i) if in foreign currencies or in U.S. Dollars at the Eurodollar Rate or the Eurocurrency Rate plus the applicable margin set forth in the grid above or (ii) if in U.S. Dollars at the Alternate Base Rate plus the applicable margin set forth in the grid above.

Prior to the termination date of the Amended Revolving Credit Facility, revolving loans are required to be prepaid (without any permanent reduction in commitment) with:

(i) the net cash proceeds from sales of Revolving Credit First Lien Collateral by Products Corporation or any of Products Corporation’s subsidiary guarantors (other than dispositions in the ordinary course of business and certain other exceptions); and

(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt, to the extent there remains any such proceeds after satisfying Products Corporation’s repayment obligations under the Amended Term Loan Facility.

As a result of the August 2013 Revolver Amendment, Products Corporation pays to the lenders under the Amended Revolving Credit Facility a commitment fee of 0.25% of the average daily unused portion of the Amended Revolving Credit Facility, which fee is payable quarterly in arrears. Under the Amended Revolving Credit Facility, Products Corporation also pays:

(i) to foreign lenders a fronting fee of 0.25% per annum on the aggregate principal amount of specified Local Loans (which fee is retained by foreign lenders out of the portion of the Applicable Margin payable to such foreign lender);

(ii) to foreign lenders an administrative fee of 0.25% per annum on the aggregate principal amount of specified Local Loans;

(iii) to the multi-currency lenders a letter of credit commission equal to the product of (a) the Applicable Margin for revolving credit loans that are Eurodollar Rate loans (adjusted for the term that the letter of credit is outstanding) and (b) the aggregate undrawn face amount of letters of credit; and

(iv) to the issuing lender, a letter of credit fronting fee of 0.25% per annum of the aggregate undrawn face amount of letters of credit, which fee is a portion of the Applicable Margin.

As a result of the August 2013 Revolver Amendment, under certain circumstances, Products Corporation has the right to request that the Amended Revolving Credit Facility be increased by up to $100.0 million (compared to $60.0 million under the 2011 Revolving Credit Facility), provided that the lenders are not committed to provide any such increase.

Under certain circumstances, if and when the difference between (i) the borrowing base under the Amended Revolving Credit Facility and (ii) the amounts outstanding under the Amended Revolving Credit Facility is less than $20.0 million for a period of 2 consecutive days or more, and until such difference is equal to or greater than $20.0 million for a period of 30 consecutive business days, the Amended Revolving Credit Facility requires Products Corporation to maintain a consolidated fixed charge

40

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

coverage ratio (the ratio of EBITDA minus Capital Expenditures to Cash Interest Expense for such period) of a minimum of 1.0 to 1.0.

The Amended Revolving Credit Facility matures on the earlier of August 14, 2018 and the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under the Amended Term Loan Facility, but not earlier than June 16, 2016.

Covenants and Defaults Applicable to the Amended Term Loan Facility and the Amended Revolving Credit Facility

The Amended Credit Agreements contain various restrictive covenants prohibiting Products Corporation and its subsidiaries from:

(i) incurring additional indebtedness or guarantees, with certain exceptions;

(ii) making dividend and other payments or loans to Revlon, Inc. or other affiliates, with certain exceptions, including among others:

(a) exceptions permitting Products Corporation to pay dividends or make other payments to Revlon, Inc. to enable it to, among other things, pay expenses incidental to being a public holding company, including, among other things, professional fees such as legal, accounting and insurance fees, regulatory fees, such as SEC filing fees and NYSE listing fees, and other expenses related to being a public holding company;

(b) subject to certain circumstances, to finance the purchase by Revlon, Inc. of its Class A Common Stock in connection with the delivery of such Class A Common Stock to grantees under the Fourth Amended and Restated Revlon, Inc. Stock Plan and/or the payment of withholding taxes in connection with the vesting of restricted stock awards under such plan;

(c) subject to certain limitations, to pay dividends or make other payments to finance the purchase, redemption or other retirement for value by Revlon, Inc. of stock or other equity interests or equivalents in Revlon, Inc. held by any current or former director, employee or consultant in his or her capacity as such; and

(d) subject to certain limitations, to make other restricted payments to Products Corporation’s affiliates in an amount up to $10 million per year (plus $10 million for each calendar year commencing with 2011), other restricted payments in an aggregate amount not to exceed $35 million and certain other restricted payments, including without limitation those based upon certain financial tests;

(iii) creating liens or other encumbrances on Products Corporation’s or its subsidiaries’ assets or revenues, granting negative pledges or selling or transferring any of Products Corporation’s or its subsidiaries’ assets, all subject to certain limited exceptions;

(iv) with certain exceptions, engaging in merger or acquisition transactions;

(v) prepaying indebtedness and modifying the terms of certain indebtedness and specified material contractual obligations, subject to certain exceptions;

(vi) making investments, subject to certain exceptions; and

(vii) entering into transactions with Products Corporation’s affiliates involving aggregate payments or consideration in excess of $10 million other than upon terms that are not materially less favorable when taken as a whole to Products Corporation or its subsidiaries as terms that would be obtainable at the time for a comparable transaction or series of similar transactions in arm’s length dealings with an unrelated third person and where such payments or consideration exceed $20 million, unless such transaction has been approved by all of Products Corporation’s independent directors, subject to certain exceptions.

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

The events of default under each of the Amended Term Loan Agreement and the Amended Revolving Credit Agreement include customary events of default for such types of agreements. For a description of the events of defaults, see Note 11, "Long-Term Debt" to the Consolidated Financial Statements in this Form 10-K. If Products Corporation is in default under the senior secured leverage ratio under the Amended Term Loan Facility or the consolidated fixed charge coverage ratio under the Amended Revolving Credit Agreement, Products Corporation may cure such default by issuing certain equity securities to, or receiving capital contributions from, Revlon, Inc. and applying such cash which is deemed to increase EBITDA for the purpose of calculating the applicable ratio. Products Corporation may exercise this cure right two times in any four-quarter period.

Products Corporation was in compliance with all applicable covenants under the Amended Term Loan Agreement and the Amended Revolving Credit Facility as of December 31, 2014. At December 31, 2014, the aggregate principal amounts outstanding under the Acquisition Term Loan and the 2011 Term Loan were $693.0 million and $675.0 million, respectively, and availability under the $175.0 million Amended Revolving Credit Facility, based upon the calculated borrowing base less $9.0 million of outstanding undrawn letters of credit and nil then drawn on the Amended Revolving Credit Facility, was $166.0 million. There were no borrowings under the Amended Revolving Credit Facility during 2014.

5¾% Senior Notes

In February 2013, Products Corporation completed its offering (the "2013 Senior Notes Refinancing"), pursuant to an exemption from registration under the Securities Act of 1933 (as amended, the "Securities Act"), of $500.0 million aggregate principal amount of the 5¾% Senior Notes. The 5¾% Senior Notes are unsecured and were issued under the 5¾% Senior Notes Indenture to investors at par. The 5¾% Senior Notes mature on February 15, 2021. Interest on the 5¾% Senior Notes accrues at 5¾% per annum, paid every six months on February 15^th and August 15^th, with the first interest payment made on August 15, 2013 (subject to the payment of certain additional interest in connection with registering the notes under the Securities Act). The 5¾% Senior Notes were issued pursuant to the 5¾% Senior Notes Indenture, dated as of February 8, 2013 (the “Notes Closing Date”), by and among Products Corporation, Products Corporation’s domestic subsidiaries (the “Guarantors”), which also currently guarantee Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, and U.S. Bank National Association, as trustee. The Guarantors issued guarantees (the “Guarantees”) of Products Corporation’s obligations under the 5¾% Senior Notes and the 5¾% Senior Notes Indenture on a joint and several, senior unsecured basis. In January 2014, the Colomer U.S. Subsidiaries became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture.

In December 2013, Products Corporation consummated an offer to exchange the original 5¾% Senior Notes for $500 million of new 5¾% Senior Notes, which have substantially the same terms as the original 5¾% Senior Notes, except that they are registered under the Securities Act (such registered new notes being the “5¾% Senior Notes”).

Products Corporation used a portion of the $491.2 million of net proceeds from the issuance of the 5¾% Senior Notes (net of underwriters' fees) to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes, as well as to pay $8.6 million of accrued interest. Products Corporation incurred an aggregate of $19.4 million of fees for the applicable redemption and tender offer premiums, related fees and expenses in connection with redemption and repayment of the 9¾% Senior Secured Notes and other fees and expenses in connection with the issuance of the 5¾% Senior Notes. Products Corporation used a portion of the remaining proceeds from the issuance of the 5¾% Senior Notes, together with existing cash, to pay approximately $113.0 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the $48.6 million principal amount due under the Contributed Loan, which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Series A Preferred Stock in connection with its mandatory redemption on such date.

Ranking

The 5¾% Senior Notes are Products Corporation’s unsubordinated, unsecured obligations and rank senior in right of payment to any future subordinated obligations of Products Corporation and rank pari passu in right of payment with all existing and future senior debt of Products Corporation. Similarly, each Guarantee is the relevant Guarantor’s joint and several, unsubordinated and unsecured obligation and ranks senior in right of payment to any future subordinated obligations of such Guarantor and ranks pari passu in right of payment with all existing and future senior debt of such Guarantor. The Guarantees were issued on a joint and several basis.

The 5¾% Senior Notes and the Guarantees rank effectively junior to Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, which are secured, as well as indebtedness and preferred stock of Products Corporation’s foreign and immaterial subsidiaries (the “Non-Guarantor Subsidiaries”), none of which guarantee the 5¾% Senior Notes.

42

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Optional Redemption

On and after February 15, 2016, the 5¾% Senior Notes may be redeemed at Products Corporation's option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to the date of redemption, if redeemed during the 12-month period beginning on February 15^th of the years indicated below:

Year	Percentage
2016	104.313	%
2017	102.875	%
2018	101.438	%
2019 and thereafter	100.000	%

Products Corporation may redeem the 5¾% Senior Notes at its option at any time or from time to time prior to February 15, 2016, as a whole or in part, at a redemption price per 5¾% Senior Note equal to the sum of (1) the then outstanding principal amount thereof, plus (2) accrued and unpaid interest (if any) to the date of redemption, plus (3) the applicable premium based on the applicable treasury rate plus 75 basis points.

Prior to February 15, 2016, Products Corporation may, from time to time, redeem up to 35% of the aggregate principal amount of the 5¾% Senior Notes and any additional notes with, and to the extent Products Corporation actually receives, the net proceeds of one or more equity offerings from time to time, at 105.75% of the principal amount thereof, plus accrued interest to the date of redemption.

Change of Control

Upon the occurrence of specified change of control events, Products Corporation is required to make an offer to purchase all of the 5¾% Senior Notes at a purchase price of 101% of the outstanding principal amount of the 5¾% Senior Notes as of the date of any such repurchase, plus accrued and unpaid interest to the date of repurchase.

Certain Covenants

The 5¾% Senior Notes Indenture limits Products Corporation’s and the Guarantors’ ability, and the ability of certain other subsidiaries, to:

• incur or guarantee additional indebtedness (“Limitation on Debt”);

• pay dividends, make repayments on indebtedness that is subordinated in right of payment to the 5¾% Senior Notes and make other “restricted payments” (“Limitation on Restricted Payments”);

• make certain investments;

• create liens on their assets to secure debt;

• enter into transactions with affiliates;

• merge, consolidate or amalgamate with another company (“Successor Company”);

• transfer and sell assets (“Limitation on Asset Sales”); and

• permit restrictions on the payment of dividends by Products Corporation’s subsidiaries (“Limitation on Dividends from Subsidiaries”).

These covenants are subject to important qualifications and exceptions. The 5¾% Senior Notes Indenture also contains customary affirmative covenants and events of default.

In addition, if during any period of time the 5¾% Senior Notes receive investment grade ratings from both Standard & Poor’s and Moody’s Investors Services, Inc. and no default or event of default has occurred and is continuing under the 5¾% Senior Notes Indenture, Products Corporation and its subsidiaries will not be subject to the covenants on Limitation on Debt, Limitation on Restricted Payments, Limitation on Asset Sales, Limitation on Dividends from Subsidiaries and certain provisions of the Successor Company covenant.

Covenants

Products Corporation was in compliance with all applicable covenants under its 5¾% Senior Notes Indenture as of December 31, 2014 and 2013.

43

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Spanish Government Loan

In connection with the Colomer Acquisition, the Company acquired the Colomer Group's euro-denominated loan payable to the Spanish government (the "Spanish Government Loan"), which loan had $0.7 million aggregate principal amount outstanding as of December 31, 2014 (based on foreign exchange rates in effect as of such date).  The Spanish Government Loan does not bear interest and is payable in 10 equal installments on June 30^th of each year beginning in 2016 through 2025. 

Impact of Foreign Currency Translation – Venezuela

During 2014, 2013 and 2012, Revlon Venezuela's net sales were de minimis, representing approximately 1% of the Company’s consolidated net sales for each of 2014 and 2013, and 2% of the Company’s consolidated net sales for 2012. At December 31, 2014 and December 31, 2013, Revlon Venezuela's assets were de minimis, representing approximately 1% of the Company’s total assets, respectively.

Venezuela - Highly-Inflationary Economy: Effective January 1, 2010, Venezuela was designated as a highly inflationary economy under U.S. GAAP. As a result, beginning January 1, 2010, the U.S. Dollar is the functional currency for the Company’s subsidiary in Venezuela (“Revlon Venezuela”). As Venezuela is designated as highly inflationary, currency translation adjustments of Revlon Venezuela’s balance sheet are reflected in earnings.

Venezuela - Currency Restrictions: Currency restrictions enacted by the Venezuelan government which began in 2003 became more restrictive and have impacted Revlon Venezuela’s ability to obtain U.S. Dollars in exchange for Venezuelan Bolivars ("Bolivars") at the official foreign exchange rates from the Venezuelan government and its foreign exchange commission, the Comisiónde Administracion de Divisas (“CADIVI”). In May 2010, the Venezuelan government took control over the previously freely-traded foreign currency exchange market and, in June 2010, replaced it with a new foreign currency exchange system, the Sistema de Transacciones en Moneda Extranjera (“SITME”). In the second quarter of 2011, the Company began using a SITME rate of 5.5 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements, as this was the rate at which the Company accessed U.S. Dollars in the SITME market during this period (the “SITME Rate”). Through December 31, 2012, the Company continued using the SITME Rate to translate Revlon Venezuela’s financial statements.

Venezuela - 2013 Currency Devaluation: In February 2013, the Venezuelan government announced the devaluation of the Venezuela Bolivar relative to the U.S. Dollar, changing the official exchange rate to 6.3 Bolivars per U.S. Dollar (the "Official Rate"). The Venezuelan government also announced that the SITME currency market administered by Venezuela's central bank would be eliminated, and as a result, the Company began using the Official Rate of 6.3 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning in 2013. To reflect the impact of the currency devaluation, a one-time foreign currency loss of $0.6 million was recorded in earnings during the first quarter of 2013 as a result of the required re-measurement of Revlon Venezuela’s monetary assets and liabilities.

Venezuela - 2014 Currency Devaluation: In January 2014, the Venezuela government announced that the CADIVI would be replaced by the government-operated National Center of Foreign Commerce (the "CENCOEX"), and indicated that the Sistema Complementario de Administración de Divisas (“SICAD”) market would continue to be offered as an alternative foreign currency exchange. Additionally, a parallel foreign currency exchange system, SICAD II, started functioning in March 2014 and allows companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. The SICAD II exchange system has had an average transaction rate to the Company of approximately 53 Bolivars per U.S. Dollar (the “SICAD II Rate”). Throughout 2014, the Company exchanged Bolivars for U.S. Dollars to the extent permitted through the various foreign currency markets available based on its ability to participate in those markets. Prior to June 30, 2014, the Company utilized the Official Rate of 6.3 Bolivars per U.S. Dollar. Following a consideration of the Company's specific facts and circumstances, which included its legal ability and intent to participate in the SICAD II exchange market to import finished goods into Venezuela, the Company determined that it was appropriate to utilize the SICAD II Rate of 53Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning on June 30, 2014. As a result, the Company recorded a foreign currency loss of $6.0 million in the second quarter of 2014 related to the required re-measurement of Revlon Venezuela’s monetary assets and liabilities. For 2014, the change to the SICAD II Rate of 53 Bolivars per U.S. Dollar, as compared to the Official Rate of 6.3 Bolivars per U.S. Dollar, had the impact of reducing the Company's consolidated net sales by $16.2 million and reducing the Company's consolidated operating income by $8.4 million.

Volume restrictions on the conversion of the Bolivar to the U.S. Dollar limits Revlon’s purchasing activity for Venezuela. The use of the SICAD II Rate in lieu of the Official Rate to translate Revlon Venezuela's financial statements will have a negative impact on Revlon Venezuela's results of operations going forward. Current or additional governmental restrictions, worsening import authorization controls, price and profit controls or labor unrest in Venezuela could have further adverse impacts on the Company’s business and results of operations in Venezuela. See Part I, Item 1A, "Risk Factors" - “The Company's foreign operations are subject to a variety of social, political and economic risks and have been, and are expected to continue to be, affected by foreign currency fluctuations, currency controls and/or government-mandated pricing controls, which could have a material adverse effect

44

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

on the results of the Company's business, financial condition and/or results of operations and the value of its foreign assets” in this Form 10-K.

Sources and Uses

The Company’s principal sources of funds are expected to be operating revenues, cash on hand and funds available for borrowing under the Amended Revolving Credit Facility and other permitted lines of credit. The Amended Credit Agreements, and the 5¾% Senior Notes Indenture contain certain provisions that by their terms limit Products Corporation and its subsidiaries’ ability to, among other things, incur additional debt.

The Company’s principal uses of funds are expected to be the payment of operating expenses, including expenses in connection with the continued execution of the Company’s business strategy, purchases of permanent wall displays, capital expenditure requirements, debt service payments and costs, cash tax payments, pension and other post-retirement benefit plan contributions, payments in connection with the Company’s restructuring programs, costs related to the continuing integration of the Colomer Acquisition, severance not otherwise included in the Company’s restructuring programs, debt and/or equity repurchases, if any, costs related to litigation and payments in connection with discontinuing non-core business lines and/or exiting certain territories. The Company’s cash contributions to its pension and post-retirement benefit plans in 2014 were $18.9 million. The Company expects cash contributions to its pension and post-retirement benefit plans to be approximately $20 million in the aggregate for 2015. The Company’s cash taxes paid in 2014 were $20.9 million. The Company expects to pay cash taxes of approximately $20 million in the aggregate for 2015. The Company’s purchases of permanent wall displays and capital expenditures in 2014 were $45.3 million and $55.5 million, respectively. The Company expects purchases of permanent wall displays and capital expenditures to be approximately $50 million and $55 million, respectively, in the aggregate for 2015. In 2014, the Company paid total cash for its discontinued operations in China of approximately $13 million, which is in addition to restructuring cash payments for the December 2013 Program.

The Company has undertaken, and continues to assess, refine and implement, a number of programs to efficiently manage its working capital, including, among other things, initiatives intended to optimize inventory levels over time; centralized procurement to secure discounts and efficiencies; prudent management of trade receivables and accounts payable; and controls on general and administrative spending. In the ordinary course of business, the Company’s source or use of cash from operating activities may vary on a quarterly basis as a result of a number of factors, including the timing of working capital flows.

Continuing to execute the Company’s business strategy could include taking advantage of additional opportunities to reposition, repackage or reformulate one or more brands or product lines, launching additional new products, acquiring businesses or brands, divesting or discontinuing non-core business lines (which may include exiting certain territories), further refining the Company’s approach to retail merchandising and/or taking further actions to optimize its manufacturing, sourcing and organizational size and structure, including optimizing the integration of the Colomer Acquisition. The Company plans to continue to integrate the operations of Colomer into the Company’s business and expects to achieve approximately $30.0 million to $35.0 million of annualized cost reductions by the end of 2015 (approximately $17.0 million of which benefited the Company's 2014 results) at a cost of approximately $50 million in the aggregate over 2013 through 2015. Any of these actions, the intended purpose of which would be to create value through improving the Company's financial performance, could result in the Company making investments and/or recognizing charges related to executing against such opportunities. Any such activities may be funded with cash on hand, funds available under the Amended Revolving Credit Facility and/or other permitted additional sources of capital, which actions could increase the Company’s total debt.

The Company may also, from time to time, seek to retire or purchase its outstanding debt obligations and/or equity in open market purchases, in privately negotiated transactions or otherwise and may seek to refinance some or all of its indebtedness based upon market conditions. Any retirement or purchase of debt and/or equity may be funded with operating cash flows of the business or other sources and will depend upon prevailing market conditions, liquidity requirements, contractual restrictions and other factors, and the amounts involved may be material.

The Company expects that operating revenues, cash on hand and funds available for borrowing under the Amended Revolving Credit Facility and other permitted lines of credit will be sufficient to enable the Company to pay its operating expenses for 2015, including expenses in connection with the execution of the Company’s business strategy, purchases of permanent wall displays, capital expenditure requirements, debt service payments and costs, tax payments, pension and other post-retirement plan contributions, payments in connection with the Company’s restructuring programs, integration costs related to the Colomer Acquisition, severance not otherwise included in the Company’s restructuring programs, debt and/or equity repurchases, if any, and costs related to litigation.

There can be no assurance that available funds will be sufficient to meet the Company’s cash requirements on a consolidated basis. If the Company’s anticipated level of revenues is not achieved because of, among other things, decreased consumer spending in response to weak economic conditions or weakness in the consumption of beauty care products in either the Consumer or

45

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Professional segment; adverse changes in currency exchange rates, currency controls and/or government-mandated pricing controls; decreased sales of the Company’s products as a result of increased competitive activities by the Company’s competitors; changes in consumer purchasing habits, including with respect to shopping channels; inventory management by the Company's customers; space reconfigurations or reductions in display space by the Company's customers; changes in pricing or promotional strategies by the Company's customers; or less than anticipated results from the Company’s existing or new products or from its advertising, promotional and/or marketing plans; or if the Company’s expenses, including, without limitation, for restructuring costs, acquisition and integration costs (including, without limitation, costs related to the continued integration of the Colomer Acquisition), costs related to litigation, advertising, promotional and marketing activities or for sales returns related to any reduction of space by the Company's customers, product discontinuances or otherwise, exceed the anticipated level of expenses, the Company’s current sources of funds may be insufficient to meet the Company’s cash requirements.

Any such developments, if significant, could reduce the Company’s revenues and operating income and could adversely affect Products Corporation’s ability to comply with certain financial covenants under the Amended Credit Agreements and in such event the Company could be required to take measures, including, among other things, reducing discretionary spending. (See Item 1A. "Risk Factors - The Company's ability to service its debt and meet its cash requirements depends on many factors, including achieving anticipated levels of revenue and expenses. If such revenue or expense levels prove to be other than as anticipated, the Company may be unable to meet its cash requirements or Products Corporation may be unable to meet the requirements of the financial covenants under the Amended Credit Agreements, which could have a material adverse effect on the Company's business, financial condition and/or results of operations" and certain other risk factors discussing certain risks associated with the company's business and indebtedness).

Derivative Financial Instruments

Foreign Currency Forward Exchange Contracts

Products Corporation enters into FX Contracts and option contracts from time to time to hedge certain net cash flows denominated in currencies other than the local currencies of the Company’s foreign and domestic operations. The FX Contracts are entered into primarily for the purpose of hedging anticipated inventory purchases and certain intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. At December 31, 2014, the FX Contracts outstanding had a notional amount of $7.6 million and a net asset fair value of $0.2 million.

Interest Rate Swap Transaction

In November 2013, Products Corporation executed a forward-starting floating-to-fixed interest rate swap transaction with a 1.00% floor, based on a notional amount of $400 million in respect of indebtedness under the Acquisition Term Loan over a period of three years. The Company designated the 2013 Interest Rate Swap as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan with respect to the $400 million notional amount over the three-year term of the 2013 Interest Rate Swap. Under the terms of the 2013 Interest Rate Swap, Products Corporation will receive from the counterparty a floating interest rate based on the higher of three-month USD LIBOR or 1.00% commencing in May 2015, while paying a fixed interest rate payment to the counterparty equal to 2.0709% (which effectively fixes the interest rate on such notional amount at 5.0709% over the three-year term of the 2013 Interest Rate Swap). For the year ended December 31, 2014, the 2013 Interest Rate Swap was deemed effective and therefore the changes in fair value related to the 2013 Interest Rate Swap have been recorded in Other Comprehensive (Loss) Income in the Consolidated Financial Statements. The fair value of the Company's 2013 Interest Rate Swap at December 31, 2014 was a liability of $3.5 million.

Credit Risk

Exposure to credit risk in the event of nonperformance by any of the counterparties is limited to the gross fair value of the derivative instruments in asset positions, which totaled $0.2 million and $3.5 million as of December 31, 2014 and December 31, 2013, respectively. The Company attempts to minimize exposure to credit risk by generally entering into derivative contracts with counterparties that have investment-grade credit ratings and are major financial institutions. The Company also periodically monitors any changes in the credit ratings of its counterparties. Given the current credit standing of the counterparties to the Company's derivative instrument, the Company believes the risk of loss arising from any non-performance by any of the counterparties under these derivative instruments is remote.

46

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Disclosures about Contractual Obligations and Commercial Commitments

The following table aggregates all contractual obligations and commercial commitments that affect the Company's financial condition and liquidity position as of December 31, 2014:

	Payments Due by Period (dollars in millions)
Contractual Obligations	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Long-term debt, including current portion (a)	$	1,863.9	$	31.5	$	673.4	$	658.7	$	500.3
Interest on long-term debt (b)	388.6		81.0		161.6		102.9		43.1
Capital lease obligations	7.7		3.7		3.7		0.3		—
Operating leases (c)	146.2		25.7		36.1		25.7		58.7
Purchase obligations (d)	91.2		89.6		1.6		—		—
Other long-term obligations (e)	115.0		69.5		31.1		14.2		0.2
Total contractual obligations	$	2,612.6	$	301.0	$	907.5	$	801.8	$	602.3

^(a)  Consists primarily of (i) the 675.0 million aggregate principal amount outstanding under the 2011 Term Loan as of December 31, 2014; (ii) the 693.0 million aggregate principal amount outstanding under the Acquisition Term Loan as of December 31, 2014; and (iii) the $500.0 million aggregate principal amount outstanding under the 5¾% Senior Notes as of December 31, 2014.

^(b)  Consists of interest through the respective maturity dates on the outstanding debt discussed in (a) above; based on interest rates under such debt agreements as of December 31, 2014.

^(c)  Included in the obligations for operating leases as of December 31, 2014 is the lease for the Company's new headquarters in New York City, which includes minimum lease payments in the aggregate of approximately $70 million over the 15-year term.

^(d)  Consists of purchase commitments for finished goods, raw materials, components and services pursuant to enforceable and legally binding obligations which include all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transactions.

^(e)  Consists primarily of media and advertising contracts, pension funding obligations (amount due within one year only, as subsequent pension funding obligation amounts cannot be reasonably estimated since the return on pension assets in future periods, as well as future pension assumptions, are not known), software licensing agreements and obligations related to third-party warehousing and distribution services. Such amounts exclude employment agreements, severance and other immaterial contractual commitments, which severance and other contractual commitments related to restructuring activities are discussed in Note 3, “Restructuring Charges,” to the Consolidated Financial Statements in this Form 10-K.

Off-Balance Sheet Transactions

The Company does not maintain any off-balance sheet transactions, arrangements, obligations or other relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Discussion of Critical Accounting Policies

In the ordinary course of its business, the Company has made a number of estimates and assumptions relating to the reporting of results of operations and financial condition in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Actual results could differ significantly from those estimates and assumptions. The Company believes that the following discussion addresses the Company's most critical accounting policies, which are those that are most important to the portrayal of the Company's financial condition and results of operations and require management's most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

47

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Allowance for Doubtful Accounts:

The allowance for doubtful accounts is determined based on historical experience and ongoing evaluations of the Company’s receivables and evaluations of the risks of payment. The allowance for doubtful accounts is recorded against trade receivable balances when they are deemed uncollectible. Recoveries of trade receivables previously reserved are recorded in the consolidated statements of income and comprehensive income when received.

Sales Returns:

The Company allows customers, primarily within its Consumer segment, to return their unsold products when they meet certain company-established criteria as outlined in the Company’s trade terms. The Company regularly reviews and revises, when deemed necessary, the Company’s estimates of sales returns based primarily upon historical returns experience, planned product discontinuances and promotional sales, which would permit customers to return items based upon the Company’s trade terms. The Company records estimated sales returns as a reduction to sales and cost of sales, and an increase in accrued liabilities and inventories.

Returned products, which are recorded as inventories, are valued based upon the amount that the Company expects to realize upon their subsequent disposition. The physical condition and marketability of the returned products are the major factors the Company considers in estimating realizable value. Cost of sales includes the cost of refurbishment of returned products. Actual returns, as well as realized values on returned products, may differ significantly, either favorably or unfavorably, from the Company’s estimates if factors such as product discontinuances, customer inventory levels or competitive conditions differ from the Company’s estimates and expectations and, in the case of actual returns, if economic conditions differ significantly from the Company’s estimates and expectations.

Trade Support Costs:

In order to support the retail trade, the Company has various performance-based arrangements with retailers to reimburse them for all or a portion of their promotional activities related to the Company's products. The Company regularly reviews and revises, when deemed necessary, estimates of costs to the Company for these promotions based on estimates of what has been incurred by the retailers. Actual costs incurred by the Company may differ significantly if factors such as the level and success of the retailers' programs, as well as retailer participation levels, differ from the Company's estimates and expectations.

Inventories:

Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company records adjustments to the value of inventory based upon its forecasted plans to sell its inventories, as well as planned discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from the amounts that the Company may ultimately realize upon the disposition of inventories if future economic conditions, customer inventory levels, product discontinuances, return levels or competitive conditions differ from the Company's estimates and expectations.

Pension Benefits:

The Company sponsors both funded and unfunded pension and other retirement plans in various forms covering employees who meet the applicable eligibility requirements. The Company uses several statistical and other factors in an attempt to estimate future events in calculating the liability and net periodic benefit income/cost related to these plans. These factors include assumptions about the discount rate, expected long-term return on plan assets and rate of future compensation increases as determined annually by the Company, within certain guidelines, which assumptions would be subject to revisions if significant events occur during the year. The Company uses December 31^st as its measurement date for defined benefit pension plan obligations and plan assets.

The Company selected a weighted-average discount rate of 3.89% in 2014 as compared to a discount rate 4.68% in 2013 for the Company’s U.S. defined benefit pension plans. The Company selected a weighted-average discount rate for the Company’s international defined benefit pension plans of 3.74% in 2014, representing a decrease from the 4.48% weighted-average discount rate selected in 2013. The discount rates are used to measure the benefit obligations at the measurement date and the net periodic benefit income/cost for the subsequent calendar year and are reset annually using data available at the measurement date. The changes in the discount rates used for 2014 were primarily due to observed decreases in long-term interest yields on high-quality corporate bonds during 2014. At December 31, 2014, the decrease in the discount rates from December 31, 2013 had the effect of increasing the Company’s projected pension benefit obligation by approximately $55 million.

In selecting its expected long-term rate of return on its plan assets, the Company considers a number of factors, including, without limitation, recent and historical performance of plan assets, the plan portfolios' asset allocations over a variety of time periods compared with third-party studies, the performance of the capital markets in recent years and other factors, as well as

48

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

advice from various third parties, such as the plans' advisors, investment managers and actuaries. While the Company considered both the recent performance and the historical performance of plan assets, the Company’s assumptions are based primarily on its estimates of long-term, prospective rates of return. The difference between actual and expected return on plan assets is reported as a component of accumulated other comprehensive income. Those gains or losses that are subject to amortization over future periods will be recognized as a component of the net periodic benefit cost in such future periods. For the Company’s U.S. defined benefit pension plans, the expected long-term rate of return on the pension plan assets used was 7.75% for both 2014 and 2013. The weighted average expected long-term rate of return used for the Company’s international plans was 6.00% for both 2014 and 2013. For 2014, the Company's pension plans had actual return on assets of $37.6 million, as compared with expected return on assets of $41.3 million. The resulting net deferred loss of $3.7 million, when combined with gains and losses from previous years, will be amortized over periods ranging from approximately 10 to 30 years. The actual return on plan assets was below expectations, primarily related to the Company's U.S. plan assets, due to lower returns in developed equity markets.

The table below reflects the Company’s estimates of the possible effects that changes in the discount rates and expected long-term rates of return would have had on its 2014 net periodic benefit costs and its projected benefit obligation at December 31, 2014 for the Company’s principal defined benefit pension plans, with all other assumptions remaining constant:

	Effect of						Effect of
	25 basis points increase						25 basis points decrease
	Net periodic benefit costs			Projected pension benefit obligation			Net periodic benefit costs		Projected pension benefit obligation
Discount rate	$	(0.1	)	$	(22.0	)	$	—	$	22.8
Expected long-term rate of return	(1.4		)	—			1.4		—

The rate of future compensation increases is another assumption used by the Company’s third party actuarial consultants for pension accounting. The rate of future compensation increases used for the Company’s projected pension benefit obligation in both 2014 and 2013 was 3.0% for the U.S. defined benefit pension plans, excluding the Revlon Employees’ Retirement Plan and the Revlon Pension Equalization Plan, as the rate of future compensation increases is no longer relevant to such plans due to plan amendments which effectively froze the plans as of December 31, 2009.

In addition, the Company's actuarial consultants also use other factors such as withdrawal and mortality rates. The actuarial assumptions used by the Company may differ materially from actual results due to changing market and economic conditions, higher or lower withdrawal rates or longer or shorter life spans of participants, among other things. Differences from these assumptions could significantly impact the actual amount of net periodic benefit cost and liability recorded by the Company.

To determine the fiscal 2015 net periodic benefit income/cost, the Company is using weighted-average discount rates of 3.89% and 3.74% and long-term rates of return on pension plan assets of 7.5% and 6.00% for its U.S. and international defined benefit pension plans, respectively. The Company expects that the aforementioned decrease in the discount rate and the actual return on plan assets in 2015 will result in net periodic benefit income of approximately $3 million for 2015, as compared to net periodic benefit income of $5.4 million in 2014.

Goodwill and Acquired Intangible Assets:

In determining the fair values of net assets acquired, including trade names, customer relationships and other intangible assets, and resulting goodwill related to the Company's business acquisitions, the Company considers, among other factors, the analyses of historical financial performance and an estimate of the future performance of the acquired business. The fair values of the acquired intangible assets are primarily calculated using a discounted cash flow approach.

Determining fair value requires significant estimates and assumptions based on an evaluation of a number of factors, such as marketplace participants, product life cycles, consumer awareness, brand history and future expansion expectations. There are significant judgments inherent in a discounted cash flow approach, including, the selection of appropriate discount rates, hypothetical royalty rates, contributory asset capital charges, estimating the amount and timing of estimated future cash flows and identification of appropriate terminal growth rate assumptions. The discount rates used in discounted cash flow analyses are intended to reflect the risk inherent in the projected future cash flows generated by the respective acquired intangible assets.

Determining an acquired intangible asset's useful life requires management judgment and is based on an evaluation of a number of factors, including the expected use of the asset, consumer awareness, trade name history and future expansion expectations, as well as any contractual provisions that could limit or extend an asset's useful life. The Company believes that an acquired trade name has an indefinite life if it has a history of strong revenue and cash flow performance, and the Company has the intent and ability to support the trade name with marketplace spending for the foreseeable future. If this indefinite-lived criteria is not met, acquired trade names are amortized over their expected useful lives, which generally range from five to 20 years.

49

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

Goodwill totaled $464.1 million and $472.3 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014, goodwill of $246.2 million and indefinite-lived intangible assets of $101.3 million, which were acquired in connection with the 2013 Colomer Acquisition, are included within the Professional segment. The Consumer segment had goodwill of $217.9 million at December 31, 2014.

Goodwill and indefinite-lived intangible assets are not amortized, but rather are reviewed annually for impairment using September 30th carrying values, or when there is evidence that events or changes in circumstances indicate that the current carrying amounts may not be recovered. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to any such excess. Goodwill is tested for impairment at the reporting unit level.

Due to the financial performance of the Professional segment since the Colomer Acquisition in October 2013, the negative equity of the Consumer segment and the Company's current market capitalization, the Company performed a qualitative assessment to determine whether it would be necessary to perform the two-step goodwill impairment test and to assess the Company's indefinite-lived intangible assets for indicators of impairment. For both 2014 and 2013, it was determined, based on the results of the qualitative analysis, that it is more likely than not that the fair value of each of the Company's reporting units and indefinite-lived intangible assets exceeded their carrying amounts. The Company did not record any impairment of goodwill during the years ended December 31, 2014, 2013 or 2012. As of December 31, 2014, there were no significant events since the timing of the Company’s annual impairment test that would have triggered additional impairment testing.

Income Taxes:

The Company records income taxes based on amounts payable with respect to the current year and includes the effect of deferred taxes. The effective tax rate reflects statutory tax rates, tax-planning opportunities available in various jurisdictions in which the Company operates, and the Company’s estimate of the ultimate outcome of various tax audits and issues. Determining the Company’s effective tax rate and evaluating tax positions requires significant judgment.

The Company recognizes deferred tax assets and liabilities for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which management expects that the Company will recover or settle those differences. The realization of the deferred tax assets is primarily dependent on forecasted future taxable income. The Company has established valuation allowances for deferred tax assets when management has determined that it is more likely than not that the Company will realize a tax benefit. In 2012, the Company recognized a non-cash benefit of $15.8 million related to a reduction of the Company’s deferred tax valuation allowance on certain of its net deferred tax assets for certain jurisdictions within the U.S. Any reduction in estimated forecasted future taxable income may require the Company to record valuation allowances against deferred tax assets on which a valuation allowance was not previously established. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Provision for (benefit from) income taxes,” for further discussion.

The Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination, based on the merits of such position.

Recently Adopted Accounting Pronouncements

In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements is also required. The Company adopted ASU No. 2013-04 on January 1, 2014, and is required to be applied retrospectively for obligations that existed at this date. The adoption of ASU No. 2013-04 did not have an impact on the Company's results of operations, financial condition or financial statement disclosures.

In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for a parent company's accounting for the release of the cumulative translation adjustment into net income. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The Company adopted ASU No. 2013-05 on January 1, 2014 and its adoption did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures.

In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations Topic 805, Pushdown Accounting." The new standard eliminates previous pushdown accounting requirements and provides the option to apply pushdown accounting in separate financial statements upon a change-in-control event. The election is available to the acquired company, as well as to any

50

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(all tabular amounts in millions)

direct or indirect subsidiaries of the acquired company. Each acquired company or any of its subsidiaries can make its own election independently. The new standard is effective immediately for all new change-in-control events or those occurring in periods for which financial statements have not yet been issued. Accordingly, a company can make an election regarding pushdown accounting for a change-in-control event that occurred in any open financial reporting period. The adoption of ASU No. 2014-17 upon its issuance did not have an impact on the Company's results of operations, financial condition or financial statement disclosures.

Recently Issued Accounting Standards or Updates Not Yet Effective

In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which changes the requirements for reporting discontinued operations under Accounting Standards Codification ("Codification") Topic 205. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment or (iv) other major parts of an entity. ASU No. 2014-08 no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations or (ii) there is significant continuing involvement with a component after its disposal. Additional disclosures about discontinued operations will also be required. The guidance is effective for annual periods beginning on or after December 15, 2014, and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company adopted ASU No. 2014-08 on a prospective basis beginning January 1, 2015 and the Company will assess the impact that the new standard will have on the Company's results of operation, financial condition and financial statement disclosures at the time a transaction for which the standard is applicable occurs.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company expects to adopt ASU No. 2014-09 beginning January 1, 2017 and the Company is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and financial statement disclosures.

In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures if conditions give rise to substantial doubt. According to the new standard, substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. The likelihood threshold of "probable," similar to its current use in U.S. GAAP for loss contingencies, will be used to define substantial doubt. Disclosures will be required if conditions give rise to substantial doubt, including whether and how management's plans will alleviate the substantial doubt. The guidance is effective for annual periods beginning after December 15, 2015, with early adoption prohibited. The Company expects to adopt ASU No. 2014-15 beginning January 1, 2016 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and financial statement disclosures.

Inflation

The Company's costs are affected by inflation and the effects of inflation may be experienced by the Company in future periods. Management believes, however, that such effects have not been material to the Company during the past three years in the U.S. and in foreign non-hyperinflationary countries. The Company operates in certain countries around the world, such as Argentina and Venezuela, which have experienced hyperinflation. In hyperinflationary foreign countries, the Company attempts to mitigate the effects of inflation by increasing prices in line with inflation, where possible, and efficiently managing its costs and working capital levels.

Effective January 1, 2010, the Company determined that the Venezuelan economy should be considered a highly inflationary economy under U.S. GAAP based upon a blended inflation index of the Venezuelan National Consumer Price Index (“NCPI”) and the Venezuelan Consumer Price Index (“CPI”). (See “Financial Condition, Liquidity and Capital Resources - Impact of Foreign Currency Translation - Venezuela” for details regarding the designation of Venezuela as a highly inflationary economy effective January 1, 2010, the Venezuelan government’s announcement of the devaluation of its local currency on February 8, 2013, and the impact to the Company of the designation of the Sistema Complementario de Administración de Divisas (“SICAD”) market as an alternative foreign currency exchange.

51

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Sensitivity

The Company has exposure to changing interest rates primarily under the Amended Term Loan Facility and the Amended Revolving Credit Facility. The Company manages interest rate risk through a combination of fixed and floating rate debt. The Company from time to time makes use of derivative financial instruments to adjust its fixed and floating rate ratio, such as the 2013 Interest Rate Swap referenced below. The Company does not hold or issue financial instruments for trading purposes.

The table below provides information about the Company's indebtedness as of December 31, 2014 that is sensitive to changes in interest rates. The table presents cash flows with respect to principal on indebtedness and related weighted average interest rates by expected maturity dates. Weighted average variable rates are based on implied forward rates in the U.S. Dollar LIBOR yield curve at December 31, 2014. The information is presented in U.S. dollar equivalents, which is the Company's reporting currency:

	Expected Maturity Date for the year ended December 31,
	(dollars in millions, except for rate information)
		2015			2016			2017			2018			2019			Thereafter			Total		Fair Value December 31, 2014
Debt
Short-term variable rate (various currencies)		$	4.8																	$	4.8	$	4.8
Average interest rate (a)		4.7		%
Short-term fixed rate (third party - EUR)		1.8																		1.8		1.8
Average interest rate		11.9		%
Long-term fixed rate – third party (USD)																	$	500.0		500.0		497.5
Average interest rate																	5.75		%
Long-term fixed rate – third party (EUR)					$	0.1		$	0.1		$	0.1		$	0.1		0.3			0.7		0.7
Average interest rate					0.0		%	0.0		%	0.0		%	0.0		%	0.0		%
Long-term variable rate – third party (USD) (b)		31.5			6.9			669.7			6.9			653.0						1,368.0		1,345.8
Average interest rate (a)(c)		3.9		%	4.2		%	3.9		%	4.8		%	5.0		%
Total debt		$	38.1		$	7.0		$	669.8		$	7.0		$	653.1		$	500.3		$	1,875.3	$	1,850.6

^(a)  Weighted average variable rates are based upon implied forward rates from the U.S. Dollar LIBOR and Euribor yield curves at December 31, 2014.

^(b)  Includes total quarterly amortization payments required within each year under the Acquisition Term Loan, as well as the required $24.6 million “excess cash flow” prepayment to be made on or before April 10, 2015 under the Amended Term Loan Agreement. The 2017 amount includes the aggregate principal amount expected to be outstanding under the 2011 Term Loan which matures on November 19, 2017 and the 2019 amount includes the aggregate principal amount expected to be outstanding under the Acquisition Term Loan assuming a maturity date of October 9, 2019, in each case after giving effect to amortization payments and the excess cash flow prepayment.

^(c)  At December 31, 2014, the Acquisition Term Loan bears interest at the Eurodollar Rate (as defined in the Amended Term Loan Agreement) plus 3.00% per annum (with the Eurodollar Rate not to be less than 1.00%). As a result of the February 2014 Term Loan Amendment, the 2011 Term Loan bears interest at the Eurodollar Rate plus 2.5% per annum (with the Eurodollar Rate not to be less than 0.75%). For discussion of the February 2014 Term Loan Amendment, which reduced interest rates on the 2011 Term Loan, refer to Note 11, "Long-Term Debt," to the Consolidated Financial Statements in this Form 10-K.

If any of LIBOR, Euribor, the base rate, the U.S. federal funds rate or such equivalent local currency rate increases, Products Corporation's debt service costs will increase to the extent that Products Corporation has elected such rates for its outstanding loans. Based on the amounts outstanding under the Amended Credit Agreements, and other short-term borrowings (which, in the aggregate, are Products Corporation’s only debt currently subject to floating interest rates) as of December 31, 2014, an increase in both LIBOR and Euribor of 1% would increase the Company’s annual interest expense by $13.9 million.

In November 2013, Products Corporation executed the 2013 Interest Rate Swap, which is a forward-starting, floating-to-fixed interest rate swap transaction with a 1.00% floor, based on a notional amount of $400 million in respect of indebtedness under the Acquisition Term Loan over a period of three years. The Company designated the 2013 Interest Rate Swap as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan with respect to

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

the $400 million notional amount over the three-year term of the 2013 Interest Rate Swap. Under the terms of the 2013 Interest Rate Swap, Products Corporation will receive from the counterparty a floating interest rate based on the higher of three-month USD LIBOR or 1.00% commencing in May 2015, while paying a fixed interest rate payment to the counterparty equal to 2.0709% (which effectively fixes the interest rate on such notional amounts at 5.0709% over the three-year term of the 2013 Interest Rate Swap). The fair value of the Company's 2013 Interest Rate Swap at December 31, 2014 was a liability of $3.5 million.

Exchange Rate Sensitivity

The Company manufactures and sells its products in a number of countries throughout the world and, as a result, is exposed to movements in foreign currency exchange rates. In addition, a portion of the Company's borrowings are denominated in foreign currencies, which are also subject to market risk associated with exchange rate movement. The Company from time to time hedges major foreign currency cash exposures through foreign exchange forward and option contracts. Products Corporation enters into these contracts with major financial institutions in an attempt to minimize counterparty risk. These contracts generally have a duration of less than twelve months and are primarily against the U.S. Dollar. In addition, Products Corporation enters into foreign currency swaps to hedge intercompany financing transactions. The Company does not hold or issue financial instruments for trading purposes.

Forward Contracts (“FC”)	Average Contractual Rate $/FC	Original US Dollar Notional Amount		Contract Value December 31, 2014		Asset Fair Value December 31, 2014
Sell Canadian Dollars/Buy USD	0.8916	$	1.7	$	1.7	$	—
Sell New Zealand Dollars/Buy USD	0.7722	1.5		1.5		—
Sell Hong Kong Dollars/Buy USD	0.1289	1.4		1.4		—
Sell Australian Dollars/Buy USD	0.9027	1.0		1.1		0.1
Sell Japanese Yen/Buy USD	0.0097	0.6		0.7		0.1
Sell South African Rand/Buy USD	0.0895	0.5		0.5		—
Sell Canadian Dollars/Buy Euros	1.4574	0.4		0.4		—
Buy Australian Dollars/Sell NZ dollars	1.0776	0.3		0.3		—
Sell Danish Krone/Buy Euros	7.4460	0.2		0.2		—
Total forward contracts		$	7.6	$	7.8	$	0.2

Item 8. Financial Statements and Supplementary Data

Reference is made to the Index on page F-1 of the Company’s Consolidated Financial Statements and the Notes thereto.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

None.

Item 9A. Controls and Procedures

(a) Disclosure Controls and Procedures. The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's reports under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the fiscal year covered by this Annual Report on Form 10-K. Based upon such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company's disclosure controls and procedures were effective.

(b) Management’s Annual Report on Internal Control over Financial Reporting. The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of published financial statements in accordance with generally accepted accounting principles and includes those policies and procedures that:

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of its assets;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of its financial statements in accordance with generally accepted accounting principles, and that its receipts and expenditures are being made only in accordance with authorizations of its management and directors; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on its financial statements.

Internal control over financial reporting may not prevent or detect misstatements due to its inherent limitations. Management's projections of any evaluation of the effectiveness of internal control over financial reporting as to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2014 and in making this assessment used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in the 1992 Internal Control-Integrated Framework in accordance with the standards of the Public Company Accounting Oversight Board (United States).

The Company's management determined that the Company's internal control over financial reporting was effective as of December 31, 2014.

As the Company is a non-accelerated filer, this Annual Report on Form 10-K does not include an attestation report of the Company’s independent registered public accounting firm regarding the Company's internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which permanently exempts companies other than accelerated filers and large accelerated filers from providing such attestation.

(c) Changes in Internal Control Over Financial Reporting.There have not been any changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2014 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B. Other Information

None.

Forward-Looking Statements

This Annual Report on Form 10-K for the year ended December 31, 2014, as well as other public documents and statements of the Company, contain forward-looking statements that involve risks and uncertainties, which are based on the beliefs, expectations, estimates, projections, assumptions, forecasts, plans, anticipations, targets, outlooks, initiatives, visions, objectives, strategies, opportunities, drivers, focus and intents of the Company’s management. While the Company believes that its estimates and assumptions are reasonable, the Company cautions that it is very difficult to predict the impact of known factors, and, of course, it is impossible for the Company to anticipate all factors that could affect its results. The Company's actual results may differ materially from those discussed in such forward-looking statements. Such statements include, without limitation, the Company's expectations and estimates (whether qualitative or quantitative) as to:

(i) the Company's future financial performance;

(ii) the effect on sales of decreased consumer spending in response to weak economic conditions or weakness in the consumption of beauty care products in either the Consumer or Professional segment; adverse changes in currency exchange rates, currency controls and/or government-mandated pricing controls; decreased sales of the Company’s products as a result of increased competitive activities by the Company’s competitors, changes in consumer purchasing habits, including with respect to shopping channels; inventory management by the Company's customers; space reconfigurations or reductions in display space by the Company's customers; changes in pricing or promotional strategies by the Company's customers; less than anticipated results from the Company’s existing or new products or from its advertising, promotional and/or marketing plans; or if the Company’s expenses, including, without limitation, for pension expense under its benefit plans, acquisition-related integration costs (including, without limitation, costs related to the continued integration of the Colomer Acquisition), costs related to litigation, advertising, promotional and marketing activities, or for sales returns related to any reduction of space by the Company's customers, product discontinuances or otherwise, exceed the anticipated level of expenses;

(iii) the Company's belief that the continued execution of its business strategy could include taking advantage of additional opportunities to reposition, repackage or reformulate one or more brands or product lines, launching additional new

54

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

products, acquiring businesses or brands, divesting or discontinuing non-core business lines (which may include exiting certain territories), further refining its approach to retail merchandising and/or taking further actions to optimize its manufacturing, sourcing and organizational size and structure, including optimizing the integration of the Colomer Acquisition (including the Company’s plans to continue to integrate the operations of Colomer into the Company’s business and its expectations that the Integration Program will deliver cost reductions throughout the combined organization by generating cost synergies and operating efficiencies within the Company's global supply chain and consolidating offices and back office support, and other actions which are designed to reduce selling, general and administrative expenses, and achieve approximately $30.0 million to $35.0 million of annualized cost reductions by the end of 2015, approximately $17.0 million of which benefited the Company's 2014 results, while recognizing approximately $50 million, in the aggregate over 2013 through 2015, of total restructuring charges, capital expenditures (including expected integration-related capital expenditures of approximately $7 million, $4.4 million of which was paid during 2014 with the remainder expected to be paid in 2015) and related non-restructuring costs, any of which, the intended purpose of which would be to create value through improving the Company's financial performance, could result in the Company making investments and/or recognizing charges related to executing against such opportunities, which activities may be funded with cash on hand, funds available under the Amended Revolving Credit Facility and/or other permitted additional sources of capital, which actions could increase the Company’s total debt;

(iv) the Company’s vision to establish Revlon as the quintessential and most innovative beauty company in the world by offering products that make consumers feel attractive and beautiful and to inspire its consumers to express themselves boldly and confidently; and the Company's expectations regarding its strategic goal to optimize the market and financial performance of its portfolio of brands and assets by: (a) managing financial drivers for value creation through gross profit margin expansion, which includes optimizing price, allocating sales allowances to maximize our return on trade spending, reducing costs across our global supply chain and eliminating non-value added general and administrative costs in order to fund reinvestment to facilitate growth; (b) grow profitability through intensive innovation and geographical expansion by creating fewer, bigger and better innovations across our brands that are relevant, unique, impactful, distinctive and ownable; pursuing organic growth opportunities within our existing brand portfolio and existing channels; and pursuing opportunities to expand our geographical presence; (c) improving our cash flows through, among other things, continued effective management of our working capital and by focusing on appropriate return on capital spending; and (d) attracting, developing and supporting employees who fit into our innovative culture and inspire the creative drive that represents the foundation of our vision and execution of our strategy;

(v) the effect of restructuring activities, restructuring costs and charges, the timing of restructuring payments and the benefits from such activities; including, without limitation, the Company’s expectation (i) that total restructuring and related charges related to the Integration Program will be approximately $25 million, with $20.1 million of charges recognized during 2014 and any remaining charges to be recognized in 2015; (ii) that cash payments related to the restructuring and related charges in connection with the Integration Program will total approximately $24 million, of which $9.6 million was paid in 2014 and the majority of the remaining balance is expected to be paid in 2015; (iii) that total restructuring and related charges under the December 2013 Program will be approximately $18.9 million; (iv) that cash payments will total approximately $17 million related to the December 2013 Program, of which $15.5 million was paid during 2014, $0.1 million was paid in 2013, and the remaining balance of $1.4 million is expected to be paid in 2015; (v) that total cash paid for its discontinued operations in China will be approximately $13 million, which is in addition to restructuring cash payments for the December 2013 Program; (vi) that annualized cost reductions related to the December 2013 Program will be approximately $11 million in the aggregate in 2015 and thereafter; and (vii) that the Company expects to substantially complete the Integration Program by the end of 2015;

(vi) the Company’s expectation that operating revenues, cash on hand and funds available for borrowing under Products Corporation's Amended Revolving Credit Facility and other permitted lines of credit will be sufficient to enable the Company to cover its operating expenses for 2015, including the cash requirements referred to in item (viii) below, and the Company's beliefs that (a) the cash generated by its domestic operations and availability under the Amended Revolving Credit Facility and other permitted lines of credit should be sufficient to meet its domestic liquidity needs for at least the next twelve months, and (b) restrictions or taxes on repatriation of foreign earnings will not have a material effect on the Company's liquidity during such period;

(vii) the Company’s expected principal sources of funds, including operating revenues, cash on hand and funds available for borrowing under Products Corporation's Amended Revolving Credit Facility and other permitted lines of credit, as well as the availability of funds from the Company taking certain measures, including, among other things, reducing discretionary spending;

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

(viii) the Company's expected principal uses of funds, including amounts required for the payment of operating expenses, including expenses in connection with the continued execution of the Company’s business strategy; payments in connection with the Company's purchases of permanent wall displays; capital expenditure requirements; debt service payments and costs, cash tax payments, pension and other post-retirement benefit plan contributions; payments in connection with the Company's restructuring programs; costs related to the continuing integration of the Colomer Acquisition; severance not otherwise included in the Company’s restructuring programs; debt and/or equity repurchases, if any; costs related to litigation; and payments in connection with discontinuing non-core business lines and/or exiting certain territories (including, without limitation, that the Company may also, from time to time, seek to retire or purchase its outstanding debt obligations and/or equity in open market purchases, in privately negotiated transactions or otherwise and may seek to refinance some or all of its indebtedness based upon market conditions and that any retirement or purchase of debt and/or equity may be funded with operating cash flows of the business or other sources and will depend upon prevailing market conditions, liquidity requirements, contractual restrictions and other factors, and the amounts involved may be material); and its estimates of the amount and timing of such operating and other expenses;

(ix) matters concerning the Company's market-risk sensitive instruments, as well as the Company’s expectations as to the counterparty’s performance, including that any risk of loss under its derivative instruments arising from any non-performance by any of the counterparties is remote;

(x) the Company's expectation to efficiently manage its working capital, including, among other things, initiatives intended to optimize inventory levels over time; centralized procurement to secure discounts and efficiencies; prudent management of trade receivables and accounts payable; and controls on general and administrative spending; and the Company’s belief that in the ordinary course of business, its source or use of cash from operating activities may vary on a quarterly basis as a result of a number of factors, including the timing of working capital flows;

(xi) the Company’s expectations regarding its future net periodic benefit cost for its U.S. and international defined benefit plans;

(xii) the Company's expectation that its tax provision and effective tax rate in any individual quarter and year-to-date period will vary and may not be indicative of the Company's tax provision and effective tax rate for the full year;

(xiii) the Company's expectation that it will decide whether to exchange Bolivars for U.S. Dollars to the extent permitted through the CENCOEX, SICAD and/or SICAD II markets based on its ability to participate in those markets and to the extent reasonable for its business in the future, the Company's belief that current or additional governmental restrictions, worsening import authorization controls, price and profit controls or labor unrest in Venezuela could have further adverse impacts on the Company's business and results of operations and the Company's expectation that use of the SICAD II Rate in lieu of the official rate to translate Revlon Venezuela's financial statements will have a negative impact on Revlon Venezuela's results of operations going forward;

(xiv) the Company’s belief that while the outcome of all pending legal proceedings in the aggregate is not reasonably likely to have a material adverse effect on the Company’s business, financial condition and/or its results of operations, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period;

(xv) the Company’s beliefs and expectations regarding certain benefits of the Colomer Acquisition, including that it provides the Company with broad brand, geographic and channel diversification and substantially expands the Company's business, providing both distribution into new channels and cost synergy opportunities; and

(xvi) the Company's plans in connection with continuing to integrate Colomer into the Company's business and to implement a company-wide, SAP ERP system.

Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language such as "estimates," "objectives," "visions," "projects," "forecasts," "focus," "drive towards," "plans," "targets," "strategies," "opportunities," "assumptions," "drivers," "believes," "intends," "outlooks," "initiatives," "expects," "scheduled to," "anticipates," "seeks," "may," "will" or "should" or the negative of those terms, or other variations of those terms or comparable language, or by discussions of strategies, targets, long-range plans, models or intentions. Forward-looking statements speak only as of the date they are made, and except for the Company's ongoing obligations under the U.S. federal securities laws, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors are advised, however, to consult any additional disclosures the Company made or may make in its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case filed with the SEC in 2015 and 2014 (which, among other places, can be found on the SEC's website at http://www.sec.gov). Except as expressly set forth in this Form 10-K, the information available from time to time on such website shall not be deemed incorporated by reference into this Annual Report on Form 10-K. A number

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

of important factors could cause actual results to differ materially from those contained in any forward-looking statement. In addition to factors that may be described in the Company's filings with the SEC, including this filing, the following factors, among others, could cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by the Company:

(i) unanticipated circumstances or results affecting the Company's financial performance, including decreased consumer spending in response to weak economic conditions or weakness in the consumption of beauty care products in either the Consumer or Professional segment; adverse changes in currency exchange rates, currency controls and/or government-mandated pricing controls; decreased sales of the Company's products as a result of increased competitive activities by the Company's competitors; changes in consumer preferences, such as reduced consumer demand for the Company's color cosmetics and other current products, including new product launches; changes in consumer purchasing habits, including with respect to shopping channels; lower than expected customer acceptance or consumer acceptance of, or less than anticipated results from, the Company’s existing or new products; higher than expected restructuring costs, acquisition-related integration costs, including, without limitation, costs related to the continued integration of the Colomer Acquisition; higher than expected pension expense and/or cash contributions under its benefit plans, costs related to litigation, advertising, promotional and/or marketing expenses or lower than expected results from the Company’s advertising, promotional and/or marketing plans; higher than expected sales returns related to any reduction of space by the Company's customers, product discontinuances or otherwise or decreased sales of the Company’s existing or new products; actions by the Company’s customers, such as inventory management and greater than anticipated space reconfigurations or reductions in display space and/or product discontinuances or a greater than expected impact from pricing or promotional strategies by the Company's customers; and changes in the competitive environment and actions by the Company's competitors, including business combinations, technological breakthroughs, new product offerings, increased advertising, promotional and marketing spending and advertising, promotional and/or marketing successes by competitors;

(ii) in addition to the items discussed in (i) above, the effects of and changes in economic conditions (such as continued volatility in the financial markets, inflation, monetary conditions and foreign currency fluctuations, currency controls and/or government-mandated pricing controls, as well as in trade, monetary, fiscal and tax policies in international markets) and political conditions (such as military actions and terrorist activities);

(iii) unanticipated costs or difficulties or delays in completing projects associated with the continued execution of the Company’s business strategy or lower than expected revenues or the inability to create value through improving our financial performance as a result of such strategy, including lower than expected sales, or higher than expected costs, including as may arise from any additional repositioning, repackaging or reformulating of one or more brands or product lines, launching of new product lines, including higher than expected expenses, including for sales returns, for launching its new products, acquiring businesses or brands, divesting or discontinuing non-core business lines (which may include exiting certain territories), further refining its approach to retail merchandising, and/or difficulties, delays or increased costs in connection with taking further actions to optimize the Company’s manufacturing, sourcing, supply chain or organizational size and structure, including optimizing the integration of the Colomer Acquisition (including difficulties or delays in and/or the Company’s inability to continue to integrate the Colomer business which could result in less than expected cost reductions, more than expected costs to achieve the expected cost reductions or delays in achieving the expected cost reductions and/or less than expected benefits from the Integration Program, more than expected costs in implementing such program and/or difficulties or delays, in whole or in part, in executing the Integration Program), as well as the unavailability of cash on hand and/or funds under the Amended Revolving Credit Facility or from other permitted additional sources of capital to fund such potential activities;

(iv) difficulties, delays in or less than expected results from the Company’s efforts to optimize the market and financial performance of its portfolio of brands and assets due to, among other things, less than effective product development, less than expected acceptance of its new or existing products by consumers, salon professionals and/or customers in the Consumer or Professional segments, less than expected acceptance of its advertising, promotional and/or marketing plans and/or brand communication by consumers, salon professionals and/or customers in the Consumer or Professional segments, less than expected investment in advertising, promotional and/or marketing activities or greater than expected competitive investment, less than expected levels of advertising, promotional and/or marketing activities for its new product launches and/or less than expected levels of execution with its customers in the Consumer or Professional segments or higher than expected costs and expenses, as well as due to (i) difficulties, delays in or less than expected results from the Company’s efforts to manage financial drivers for value creation, such as due to higher than expected costs; (ii) difficulties, delays in or less than expected results from the Company’s efforts to grow profitability through intensive innovation and geographical expansion, such as less than effective product development and/or difficulties, delays in and/or the Company's inability to consummate transactions to expand its geographical presence; (iii) difficulties, delays in or less than expected results from the Company's efforts to improve

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

cash flow; (iv) difficulties, delays in and/or the inability to attract or retain employees essential to the execution of our strategy;

(v) difficulties, delays or unanticipated costs or charges or less than expected cost reductions and other benefits resulting from the Company's restructuring activities, such as greater than anticipated costs or charges or less than anticipated cost reductions or other benefits from the September 2012 Program, the December 2013 Program and/or the Integration Program and/or the risk that any of such programs may not satisfy the Company’s objectives;

(vi) lower than expected operating revenues, cash on hand and/or funds available under the Amended Revolving Credit Facility and/or other permitted lines of credit or higher than anticipated operating expenses, such as referred to in clause (viii) below, and/or less than anticipated cash generated by the Company's domestic operations or unanticipated restrictions or taxes on repatriation of foreign earnings, either of which could have a material adverse effect on the Company's liquidity needs;

(vii) the unavailability of funds under Products Corporation's Amended Revolving Credit Facility or other permitted lines of credit; or from difficulties, delays in or the Company's inability to take other measures, such as reducing discretionary spending;

(viii) higher than expected operating expenses, sales returns, working capital expenses, permanent wall display costs, capital expenditures, debt service payments, cash tax payments, cash pension plan contributions, other post-retirement benefit plan contributions and/or net periodic benefit costs for the pension and other post-retirement benefit plans, costs related to the continuing integration of the Colomer Acquisition, restructuring costs, severance and discontinued operations not otherwise included in the Company’s restructuring programs, debt and/or equity repurchases, costs related to litigation and/or payments in connection with discontinuing non-core business lines and/or exiting certain territories;

(ix) interest rate or foreign exchange rate changes affecting the Company and its market-risk sensitive financial instruments and/or difficulties, delays or the inability of the counterparty to perform such transactions;

(x) difficulties, delays or the inability of the Company to efficiently manage its cash and working capital;

(xi) lower than expected returns on pension plan assets and/or lower discount rates, which could result in higher than expected cash contributions, higher net periodic benefit costs and/or less than expected net periodic benefit income;

(xii) unexpected significant variances in the Company's tax provision and effective tax rate;

(xiii) difficulties, delays in or the Company's inability to exchange Bolivars for U.S. Dollars, whether due to the lack of a market developing for such exchange or otherwise and/or unanticipated adverse impacts to the Company's results of operations such as due to higher than expected exchange rates; and difficulties or delays in the Company's ability to import certain products through Venezuela's monetary systems (including, without limitation, the CADIVI, SICAD, SICAD II and/or CENCOEX markets);

(xiv) unexpected effects on the Company’s business, financial condition and/or its results of operations as a result of legal proceedings; and

(xv) difficulties or delays in realizing, or less than anticipated, benefits from the Colomer Acquisition, such as (i) less than expected cost reductions, more than expected costs to achieve the expected cost reductions or delays in achieving the expected cost reductions, such as due to difficulties or delays in and/or the Company’s inability to continue to integrate the Colomer business, in whole or in part, and/or changes in the timing of completing its expected integration actions; and/or (ii) less than expected growth from the Colomer brands, such as due to difficulties, delays, unanticipated costs or the Company’s inability to launch innovative new products within the Professional segment and/or difficulties or delays in and/or the Company’s inability to expand its distribution into new channels; and/or (iii) less than expected synergistic benefits to the Company's Consumer segment from the Company having a presence in the professional channel.

Factors other than those listed above could also cause the Company's results to differ materially from expected results.

58

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Intentionally omitted in accordance with General Instruction I(2)(c) of Form 10-K.

Item 11. Executive Compensation

Intentionally omitted in accordance with General Instruction I(2)(c) of Form 10-K.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Intentionally omitted in accordance with General Instruction I(2)(c) of Form 10-K.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Intentionally omitted in accordance with General Instruction I(2)(c) of Form 10-K.

Item 14. Principal Accountant Fees and Services

The Board of Directors of Revlon, Inc. (Revlon, Inc. owns 100% of Products Corporation's common stock) maintains an Audit Committee in accordance with applicable SEC rules and the NYSE's listing standards. In accordance with the charter of Revlon, Inc.'s Audit Committee, a printable and current copy of which is available at www.revloninc.com, Revlon, Inc.'s Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the audit work of Revlon, Inc.'s and Products Corporation's independent auditors for the purpose of preparing and issuing its audit report or performing other audit, review or attest services for Revlon, Inc. and Products Corporation. The independent auditors, KPMG LLP, report directly to Revlon, Inc.'s Audit Committee, and Revlon, Inc.'s Audit Committee is directly responsible for, among other things, reviewing in advance, and granting any appropriate pre-approvals of, (a) all auditing services to be provided by the independent auditor and (b) all non-audit services to be provided by the independent auditor (as permitted by the Exchange Act), and in connection therewith to approve all fees and other terms of engagement, as required by the applicable rules of the Exchange Act and subject to the exemptions provided for in such rules. Revlon, Inc.'s Audit Committee has an Audit Committee Pre-Approval Policy for pre-approving all permissible audit and non-audit services performed by KPMG LLP. In 2012, the Audit Committee approved the Audit Committee Pre-Approval Policy for 2013; in 2013, the Audit Committee approved the Audit Committee Pre-Approval Policy for 2014; and in 2014 the Audit Committee pre-approved the Audit Committee Pre-Approval Policy for 2015, a printable and current copy of which is available at www.revloninc.com.

The aggregate fees billed for professional services by KPMG LLP in 2014 and 2013 for these various services for Revlon, Inc. and the Company in the aggregate were (in millions):

Types of Fees	2014		2013
Audit Fees	$	4.7	$	5.4
Audit-Related Fees	0.2		0.2
Tax Fees	0.4		0.2
All Other Fees	—		0.3
Total Fees	$	5.3	$	6.1

In the above table, in accordance with the SEC definitions and rules: (a) "audit fees" are fees the Company paid KPMG LLP for professional services rendered for the audits of (i) Revlon, Inc.'s and Products Corporation's annual financial statements, (ii) the effectiveness of Revlon, Inc.'s internal control over financial reporting and (iii) the review of financial statements included in Revlon, Inc.'s and Products Corporation's Quarterly Reports on Form 10-Q, and for services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements; (b) "audit-related fees" are fees billed by KPMG LLP for assurance and related services that are traditionally performed by the auditor, including services performed by KPMG LLP related to employee benefit plan audits and certain transactions, as well as attestation services not required by statute or regulation; (c) "tax fees" are fees for permissible tax compliance, tax advice and tax planning; and (d) "all other fees" are fees billed by KPMG LLP to the Company for any permissible services not included in the first three categories.

59

All of the services performed by KPMG LLP for the Company during 2014 and 2013 were either expressly pre-approved by Revlon, Inc.’s Audit Committee or were pre-approved in accordance with Revlon, Inc.’s Audit Committee Pre-Approval Policy, and Revlon, Inc.’s Audit Committee was provided with regular updates as to the nature of such services and fees paid for such services.

Website Availability of Reports and Other Corporate Governance Information

Revlon, Inc., which owns 100% of Products Corporation's common stock, maintains a comprehensive corporate governance program, including Corporate Governance Guidelines for Revlon, Inc.’s Board of Directors, Revlon, Inc.’s Board Guidelines for Assessing Director Independence and charters for Revlon, Inc.’s Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee. Revlon, Inc. maintains a corporate investor relations website, www.revloninc.com, where stockholders and other interested persons may review, without charge, among other things, Revlon, Inc.'s corporate governance materials and certain SEC filings (such as Revlon, Inc.'s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, annual reports, Section 16 reports reflecting certain changes in the stock ownership of Revlon, Inc.’s directors and Section 16 officers, and certain other documents filed with the SEC), each of which are generally available on the same business day as the filing date with the SEC on the SEC’s website http://www.sec.gov. In addition, under the section of the website entitled, "Corporate Governance," Revlon, Inc. posts printable copies of the latest versions of its Corporate Governance Guidelines, Board Guidelines for Assessing Director Independence, charters for Revlon, Inc.'s Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee, as well as Revlon, Inc.'s and the Company's Code of Business Conduct, which includes Revlon, Inc.'s and the Company's Code of Ethics for Senior Financial Officers, and the Audit Committee Pre-Approval Policy. The business and financial materials and any other statement or disclosure on, or made available through, the websites referenced herein shall not be deemed incorporated by reference into this report.

60

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)	List of documents filed as part of this Report:
	(1) Consolidated Financial Statements and Reports of Independent Registered Public Accounting Firm included herein: See Index on page F-1.
	(2) Financial Statement Schedule: See Index on page F-1.
	All other schedules are omitted as they are inapplicable or the required information is furnished in the Company’s Consolidated Financial Statements or the Notes thereto.
	(3) List of Exhibits:
2.	Plan of acquisition, reorganization, arrangement, liquidation or succession
2.1	Share Sale and Purchase Agreement, dated as of August 3, 2013, by and among Revlon Consumer Products Corporation (“Products Corporation”), Beauty Care Professional Products Participations, S.A., Romol Hair & Beauty Group, S.L., Norvo, S.L. and Staubinus España, S.L. (incorporated by reference to Exhibit 2.1 to Revlon, Inc.’s Current Report on Form 8-K filed with the SEC on August 5, 2013).
3.	Certificate of Incorporation and By-laws.
3.1	Restated Certificate of Incorporation of Products Corporation, dated May 13, 2004 (incorporated by reference to Exhibit 3.1 to Products Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 filed with the SEC on May 17, 2004).
3.2	Amended and Restated By-Laws of Products Corporation, dated as of May 1, 2009 (incorporated by reference to Exhibit 3.1 of Products Corporation’s Current Report on Form 8-K filed with the SEC on April 29, 2009).
4.	Instruments Defining the Rights of Security Holders, Including Indentures.
4.1	Third Amended and Restated Term Loan Agreement dated as of May 19, 2011 (the "2011 Term Loan Agreement"), among Products Corporation, as borrower, the lenders party thereto, Citigroup Global Markets Inc. ("CGMI"), J.P. Morgan Securities LLC ("JPM Securities"), Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Credit Suisse Securities (USA) LLC ("Credit Suisse") and Wells Fargo Securities, LLC ("WFS"), as the joint lead arrangers; CGMI, JPM Securities, Merrill Lynch, Credit Suisse, WFS and Natixis, New York Branch ("Natixis"), as joint bookrunners; JPMorgan Chase Bank, N.A. and Bank of America, N.A., as co-syndication agents; Credit Suisse, Wells Fargo Bank, N.A. and Natixis, as co-documentation agents; and Citicorp USA, Inc. ("CUSA"), as administrative agent and collateral agent (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Products Corporation filed with the SEC on May 20, 2011 (the "Products Corporation May 20, 2011 Form 8-K")).
4.2	Amendment No. 1 to Credit Agreement, dated as of February 21, 2013, to the Third Amended and Restated Term Loan Agreement, dated as of May 19, 2011, among Products Corporation, as borrower, CUSA, as Administrative Agent and Collateral Agent, and each lender thereunder (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Products Corporation filed with the SEC on February 21, 2013).
4.3	Amendment No. 2 to Term Loan Agreement, dated as of August 19, 2013, among Products Corporation, CUSA, as Administrative Agent and Collateral Agent (each as defined therein), and the Lenders (as defined therein) (incorporated by reference to Exhibit 4.1 to Products Corporation's Form 8-K filed with the SEC on August 19, 2013 (the "Products Corporation August 19, 2013 Form 8-K")).
4.4	Incremental Amendment, dated as of August 19, 2013, to the Amended Term Loan Agreement, among Products Corporation, CUSA, as Administrative Agent and Collateral Agent (each as defined therein), and the Lenders (as defined therein) (incorporated by reference to Exhibit 4.2 to the Products Corporation August 19, 2013 Form 8-K).
4.5	Third Amended and Restated Revolving Credit Agreement, dated as of June 16, 2011 (the "2011 Revolving Credit Agreement"), among Products Corporation and certain of its foreign subsidiaries, as borrowers, and CGMI and Wells Fargo Capital Finance, LLC ("WFCF"), as the joint lead arrangers; CGMI, WFCF, Merrill Lynch, JPM Securities and Credit Suisse, as joint bookrunners; and CUSA, as administrative agent and collateral agent (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Products Corporation filed with the SEC on June 17, 2011 (the "Products Corporation June 17, 2011 Form 8-K")).

61

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

4.6	Amendment No. 1 to Revolving Credit Agreement, dated as of August 14, 2013 ("Amendment No. 1"), among Products Corporation, the Local Borrowing Subsidiaries (as defined therein) from time to time party thereto, CUSA, as Administrative Agent and Collateral Agent (as defined therein), and the Lenders and Issuing Lenders (each as defined therein) (incorporated by reference to Exhibit 4.1 to Products Corporation's Form 8-K filed with the SEC on August 15, 2013).
4.7	Incremental Amendment, dated as of December 24, 2013, to the 2011 Revolving Credit Agreement (as amended by Amendment No. 1), among Products Corporation, the Local Borrowing Subsidiaries (as defined therein) from time to time party thereto, CUSA, as Administrative Agent and Collateral Agent (as defined therein), and the Lenders and Issuing Lenders (each as defined therein) (incorporated by reference to Exhibit 4.1 to Products Corporation's Form 8-K filed with the SEC on December 24, 2013).
4.8	Third Amended and Restated Pledge and Security Agreement dated as of March 11, 2010 among Revlon, Inc., Products Corporation and certain domestic subsidiaries of Products Corporation in favor of CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of Products Corporation filed with the SEC on March 16, 2010 (the “Products Corporation March 16, 2010 Form 8-K”)).
4.9	Third Amended and Restated Intercreditor and Collateral Agency Agreement, dated as of March 11, 2010, among CUSA, as administrative agent for certain bank lenders, U.S. Bank National Association, as trustee for certain noteholders, CUSA, as collateral agent for the secured parties, Revlon, Inc., Products Corporation and certain domestic subsidiaries of Products Corporation (incorporated by reference to Exhibit 4.4 to the Products Corporation March 16, 2010 Form 8-K).
4.10	Amended and Restated Guaranty, dated as of March 11, 2010, by and among Revlon, Inc., Products Corporation and certain domestic subsidiaries of Products Corporation, in favor of CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.5 to the Products Corporation March 16, 2010 Form 8-K).
4.11	Form of Revolving Credit Note under the 2011 Revolving Credit Agreement (incorporated by reference to Exhibit 4.3 to the Products Corporation June 17, 2011 Form 8-K).
4.12	Third Amended and Restated Copyright Security Agreement, dated as of March 11, 2010, among Products Corporation and CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.8 to the Products Corporation March 16, 2010 Form 8-K).
4.13	Third Amended and Restated Copyright Security Agreement, dated as of March 11, 2010, among Almay, Inc. and CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.9 to the Products Corporation March 16, 2010 Form 8-K).
4.14	Third Amended and Restated Patent Security Agreement, dated as of March 11, 2010, among Products Corporation and CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.10 to the Products Corporation March 16, 2010 Form 8-K).
4.15	Third Amended and Restated Trademark Security Agreement, dated as of March 11, 2010, among Products Corporation and CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.11 to the Products Corporation March 16, 2010 Form 8-K).
4.16	Third Amended and Restated Trademark Security Agreement, dated as of March 11, 2010, among Charles Revson Inc. and CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.12 to the Products Corporation March 16, 2010 Form 8-K).
4.17	Form of Term Loan Note under the 2011 Term Loan Agreement (incorporated by reference to Exhibit 4.4 to the Products Corporation May 20, 2011 Form 8-K).
4.18	Amended and Restated Term Loan Guaranty, dated as of March 11, 2010, by Revlon, Inc., Products Corporation and certain domestic subsidiaries of Products Corporation in favor of CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.14 to the Products Corporation March 16, 2010 Form 8-K).
4.19	Reaffirmation Agreement, dated as of February 21, 2013, made by Revlon, Inc., Products Corporation and certain of its domestic subsidiaries and acknowledged by CUSA, as collateral agent for the secured parties (incorporated by reference to Exhibit 4.2 to the Quarterly Report on Form 10-Q of Products Corporation for the fiscal quarter ended March 31, 2013 filed with the SEC on April 25, 2013 (the “Products Corporation Q1 2013 Form 10-Q”)).

62

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

4.20	Reaffirmation Agreement, dated as of August 19, 2013, among Products Corporation, Revlon, Inc., certain domestic subsidiaries of Products Corporation and CUSA, as Collateral Agent (as defined therein) in connection with the Amended Term Loan (incorporated by reference to Exhibit 4.4 to Products Corporation's Quarterly Report on Form 10-Q for the fiscal period ended September 30, 2013 filed with the SEC on October 24, 2013 (the "Products Corporation Q3 2013 Form 10-Q")).
4.21	Reaffirmation Agreement, dated as of August 14, 2013, among Products Corporation, Revlon, Inc., certain domestic subsidiaries of Products Corporation and CUSA, as Collateral Agent (as defined therein) in connection with the Amended Revolving Credit Agreement (incorporated by reference to Exhibit 4.5 to the Products Corporation Q3 2013 Form 10-Q).
4.22	Reaffirmation Agreement, dated as of December 24, 2013, among Products Corporation, Revlon, Inc., certain domestic subsidiaries of Products Corporation and CUSA, as Collateral Agent (as defined therein) in connection with the Amended Revolving Credit Agreement (incorporated by reference to Exhibit 4.22 to Products Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the SEC on March 5, 2014 (the "Products Corporation 2013 Form 10-K")).
4.23	Master Assignment and Acceptance, dated as of May 19, 2011 among certain lenders and Citibank, N.A. (incorporated by reference to Exhibit 4.3 to the Products Corporation May 20, 2011 Form 8-K).
4.24	Indenture, dated as of February 8, 2013, among Products Corporation, certain subsidiaries of Products Corporation as guarantors thereto, and U.S. Bank National Association, as trustee, relating to Products Corporation's 5.75% Senior Notes due 2021 (the “5.75% Senior Notes”) (incorporated by reference to Exhibit 4.3 to the Products Corporation Q1 2013 Form 10-Q).
4.25	Form of 5.75% Senior Notes (included in Exhibit 4.24) (incorporated by reference to Exhibit 4.4 to the Products Corporation Q1 2013 Form 10-Q).
4.26	Registration Rights Agreement, dated as of February 8, 2013, among Products Corporation, certain subsidiaries of Products Corporation and CGMI, as representative of the several initial purchasers of the 5.75% Senior Notes (incorporated by reference to Exhibit 4.5 to the Products Corporation Q1 2013 Form 10-Q).
4.27	Supplemental Indenture, dated as of February 8, 2013, among Products Corporation, Revlon, Inc. and certain subsidiaries of Products Corporation, as guarantors thereto, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.6 to the Products Corporation Q1 2013 Form 10-Q).
4.28	Supplemental Indenture, dated as of January 21, 2014, among Products Corporation, Revlon, Inc. and certain subsidiaries of Products Corporation, as guarantors thereto, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.27 to the Products Corporation 2013 Form 10-K).
4.29	Schedules and Exhibits to the 2011 Term Loan Agreement (Confidential information has been omitted from this exhibit and filed separately with the Securities and Exchange Commission. Revlon, Inc. has requested confidential treatment from the Securities and Exchange Commission with respect to this omitted information)(incorporated by reference to Exhibit 4.1 to Products Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2014 filed with the SEC on April 30, 2014 ("Products Corporation's Q1 2014 Form 10-Q")).
4.30	Amendment No. 3 to the 2011 Term Loan Agreement, dated as of February 26, 2014 (incorporated by reference to Exhibit 4.1 to Products Corporation's Current Report on Form 8-K filed with the SEC on February 26, 2014 (the “Products Corporation February 26, 2014 Form 8-K”)).
4.31	Reaffirmation Agreement, dated as of February 26, 2014, among Products Corporation, Revlon, Inc., certain of Products Corporation's domestic subsidiaries and CUSA, as administrative agent and collateral agent in connection with Amendment No. 3 to the 2011 Term Loan Agreement (incorporated by reference to Exhibit 4.2 to the Products Corporation February 26, 2014 Form 8-K).
4.32	Schedule to Incremental Amendment, dated as of August 19, 2013, to the 2011 Term Loan Agreement, as amended on February 21, 2013 and August 19, 2013 (incorporated by reference to Exhibit 4.4 to Products Corporation's Q1 2014 Form 10-Q).
4.33	Schedules and Exhibits to the 2011 Revolving Credit Agreement (Confidential information has been omitted from this exhibit and filed separately with the Securities and Exchange Commission. Revlon, Inc. has requested confidential treatment from the Securities and Exchange Commission with respect to this omitted information)(incorporated by reference to Exhibit 4.5 to Products Corporation's Q1 2014 Form 10-Q).

63

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

10.	Material Contracts.
10.1	Amended and Restated Senior Subordinated Term Loan Agreement, dated as of April 30, 2012, by and between Products Corporation, as the borrower, and MacAndrews & Forbes, as the initial lender (incorporated by reference to Exhibit 10.1 to Products Corporation’s Current Report on Form 8-K filed with the SEC on May 1, 2012 (the "Products Corporation May 1, 2012 Form 8-K")).
10.2	Administrative Letter Agreement in connection with the Amended and Restated Senior Subordinated Term Loan Agreement, dated as of April 30, 2012, by and among Products Corporation, as the borrower, MacAndrews & Forbes, as the initial lender and Citibank, N.A., as the administrative agent for the Non-Contributed Loan (incorporated by reference to Exhibit 10.2 to the Products Corporation May 1, 2012 Form 8-K).
10.3	Tax Sharing Agreement, dated as of June 24, 1992, among MacAndrews & Forbes, Revlon, Inc., Products Corporation and certain subsidiaries of Products Corporation, as amended and restated as of January 1, 2001 (incorporated by reference to Exhibit 10.2 to Products Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2001 filed with the SEC on February 25, 2002).
10.4	Tax Sharing Agreement, dated as of March 26, 2004, by and among Revlon, Inc., Products Corporation and certain subsidiaries of Products Corporation (incorporated by reference to Exhibit 10.25 to Products Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2004 filed with the SEC on May 17, 2004).
10.5	Amended and Restated Employment Agreement, dated as of December 12, 2014, by and between Products Corporation and Lorenzo Delpani (incorporated by reference to Exhibit 10.9 to Revlon, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 12, 2015 (the "Revlon, Inc. 2014 Form 10-K")).
10.6	Employment Agreement, dated as of September 24, 2014 between Products Corporation and Roberto Simon (incorporated by reference to Exhibit 10.1 to Revlon, Inc.'s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2014 filed with the SEC on October 29, 2014 (the “Revlon, Inc. Q3 2014 Form 10-Q”)).
10.7	Employment Agreement, dated as of October 9, 2014, between Products Corporation and Gianni Pieraccioni (incorporated by reference to Exhibit 10.16 to the Revlon, Inc. 2014 Form 10-K).
10.8	Employment Agreement, dated as of July 30, 2013, between Products Corporation and Lawrence Alletto (incorporated by reference to Exhibit 10.1 to the Revlon, Inc. Q3 2013 Form 10-Q).
10.9	Amended and Restated Employment Agreement, dated as of May 1, 2009, between Products Corporation and Chris Elshaw (incorporated by reference to Exhibit 10.7 to Revlon, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 filed with the SEC on February 25, 2010 (the “Revlon, Inc. 2009 Form 10-K”)).
10.1	Letter Agreement and Release, dated as of March 24, 2014, between Products Corporation and Chris Elshaw (incorporated by reference to Exhibit 10.1 to Revlon, Inc.'s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2014 filed with the SEC on April 30, 2014).
10.11	Fourth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan") (incorporated by reference to Annex A to Revlon, Inc.’s Definitive Information Statement on Schedule 14C filed with the SEC on July 3, 2014).
10.12	Form of Restricted Stock Agreement under the Stock Plan (incorporated by reference to Exhibit 10.3 to the Revlon, Inc. Q3 2014 Form 10-Q).
10.13	Revlon Executive Incentive Compensation Plan (incorporated by reference to Annex C to Revlon, Inc.’s Annual Proxy Statement on Schedule 14A filed with the SEC on April 21, 2010).
10.14	Amended and Restated Revlon Pension Equalization Plan, amended and restated as of December 14, 1998 (the “PEP”) (incorporated by reference to Exhibit 10.15 to Revlon, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 1998 filed with the SEC on March 3, 1999).
10.15	Amendment to the PEP, dated as of May 28, 2009 (incorporated by reference to Exhibit 10.13 to the Revlon, Inc. 2009 Form 10-K).
10.16	Executive Supplemental Medical Expense Plan Summary, dated July 2000 (incorporated by reference to Exhibit 10.10 to Revlon, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002 filed with the SEC on March 21, 2003).

64

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

10.17	Benefit Plans Assumption Agreement, dated as of July 1, 1992, by and among Revlon Holdings, Revlon, Inc. and Products Corporation (incorporated by reference to Exhibit 10.25 to Products Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 1992 filed with the SEC on March 12, 1993).
10.18	Revlon Executive Severance Pay Plan (incorporated by reference to Exhibit 10.2 to Revlon, Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009 filed with the SEC on April 30, 2009).
21.	Subsidiaries.
*21.1	Subsidiaries of Revlon Consumer Products Corporation
24.	Powers of Attorney.
*24.1	Power of Attorney executed by Ronald O. Perelman.
*24.2	Power of Attorney executed by Barry F. Schwartz.
*24.3	Power of Attorney executed by Alan S. Bernikow.
*24.4	Power of Attorney executed by David L. Kennedy.
*24.5	Power of Attorney executed by Viet D. Dinh.
*31.1	Certification of Lorenzo Delpani, Chief Executive Officer, dated March 12, 2015, pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.
*31.2	Certification of Roberto Simon, Chief Financial Officer, dated March 12, 2015, pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.
32.1 (furnished herewith)	Certification of Lorenzo Delpani, Chief Executive Officer, dated March 12, 2015, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 (furnished herewith)	Certification of Roberto Simon, Chief Financial Officer, dated March 12, 2015, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*101.INS	XBRL Instance Document
*101.SCH	XBRL Taxonomy Extension Schema
*101.CAL	XBRL Taxonomy Extension Calculation Linkbase
*101.DEF	XBRL Taxonomy Extension Definition Linkbase
*101.LAB	XBRL Taxonomy Extension Label Linkbase
*101.PRE	XBRL Taxonomy Extension Presentation Linkbase

*Filed herewith.

65

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE

	Page
Report of Independent Registered Public Accounting Firm (Consolidated Financial Statements)	F-2
Audited Financial Statements:
Consolidated Balance Sheets as of December 31, 2014 and 2013	F-3
Consolidated Statements of Income and Comprehensive (Loss) Income for each of the years in the three-year period ended December 31, 2014	F-4
Consolidated Statements of Stockholder's Deficiency for each of the years in the three-year period ended December 31, 2014	F-5
Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2014	F-6
Notes to Consolidated Financial Statements	F-7
Financial Statement Schedule:
Schedule II - Valuation and Qualifying Accounts	F-65

F-1

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

Revlon Consumer Products Corporation:

We have audited the accompanying consolidated balance sheets of Revlon Consumer Products Corporation and subsidiaries as of December 31, 2014 and 2013, and the related consolidated statements of income and comprehensive (loss) income, stockholder's deficiency, and cash flows for each of the years in the three-year period ended December 31, 2014. In connection with our audits of the consolidated financial statements, we also have audited the financial statement schedule as listed on page F-1. These consolidated financial statements and the financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and the financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Revlon Consumer Products Corporation and subsidiaries as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ KPMG LLP

New York, New York

March 12, 2015

F-2

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

	December 31, 2014			December 31, 2013(a)
ASSETS
Current assets:
Cash and cash equivalents	$	275.3		$	244.1
Trade receivables, less allowance for doubtful accounts of $9.3 and $4.2 as of December 31, 2014 and December 31, 2013, respectively	238.9			253.5
Inventories	156.6			175.0
Deferred income taxes – current	58.4			65.1
Prepaid expenses and other	44.6			61.4
Receivable from Revlon, Inc.	105.4			94.7
Total current assets	879.2			893.8
Property, plant and equipment, net of accumulated depreciation of $250.5 and $243.1 as of December 31, 2014 and December 31, 2013, respectively	212.0			195.9
Deferred income taxes – noncurrent	34.8			50.9
Goodwill	464.1			472.3
Intangible assets, net of accumulated amortization of $39.3 and $19.0 as of December 31, 2014 and December 31, 2013, respectively	327.8			360.1
Other assets	113.3			123.8
Total assets	$	2,031.2		$	2,096.8
LIABILITIES AND STOCKHOLDER'S DEFICIENCY
Current liabilities:
Short-term borrowings	$	6.6		$	7.9
Current portion of long-term debt	31.5			65.4
Accounts payable	153.5			165.7
Accrued expenses and other	273.3			313.6
Total current liabilities	464.9			552.6
Long-term debt	1,832.4			1,862.3
Long-term pension and other post-retirement plan liabilities	200.9			118.3
Other long-term liabilities	90.0			80.1
Stockholder's deficiency:
RCPC Preferred Stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding as of December 31, 2014 and 2013	54.6			54.6
Common Stock, par value $1.00 per share; 10,000 shares authorized; 5,260 shares issued and outstanding as of December 31, 2014 and 2013	—			—
Additional paid-in capital	952.1			946.5
Accumulated deficit	(1,320.5		)	(1,367.8		)
Accumulated other comprehensive loss	(243.2		)	(149.8		)
Total stockholder's deficiency	(557.0		)	(516.5		)
Total liabilities and stockholder's deficiency	$	2,031.2		$	2,096.8

^(a) During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

See Accompanying Notes to Consolidated Financial Statements

F-3

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME

(dollars in millions)

	Year Ended December 31,
	2014			2013			2012
Net sales	$	1,941.0		$	1,494.7		$	1,396.4
Cost of sales	668.3			545.1			493.8
Gross profit	1,272.7			949.6			902.6
Selling, general and administrative expenses	999.7			723.6			663.3
Acquisition and integration costs	6.4			25.4			—
Restructuring charges and other, net	21.3			3.5			20.5
Operating income	245.3			197.1			218.8
Other expenses, net:
Interest expense	84.4			78.6			85.3
Amortization of debt issuance costs	5.5			3.5			3.4
Loss on early extinguishment of debt	2.0			29.7			—
Foreign currency losses, net	25.0			3.7			2.8
Miscellaneous, net	1.2			1.0			1.2
Other expenses, net	118.1			116.5			92.7
Income from continuing operations before income taxes	127.2			80.6			126.1
Provision for income taxes	81.2			48.6			44.8
Income from continuing operations, net of taxes	46.0			32.0			81.3
Income (loss) from discontinued operations, net of taxes	1.3			(30.4		)	(10.1		)
Net income	$	47.3		$	1.6		$	71.2
Other comprehensive (loss) income :
Currency translation adjustment, net of tax (a)	(24.6		)	(4.1		)	(1.5		)
Amortization of pension related costs, net of tax (b)(e)	4.5			7.7			9.4
Pension re-measurement, net of tax (c)	(69.6		)	53.3			(15.4		)
Pension curtailment gain	—			—			0.2
Revaluation of derivative financial instruments, net of tax (d)	(3.7		)	1.5			—
Other comprehensive (loss) income	(93.4		)	58.4			(7.3		)
Total comprehensive (loss) income	$	(46.1	)	$	60.0		$	63.9

^(a)  Net of tax benefit of $2.1 million, $3.3 million and $1.0 million for 2014, 2013 and 2012, respectively.

^(b)  Net of tax expense of $0.1 million, $1.2 million and $1.0 million for 2014, 2013 and 2012, respectively.

^(c)  Net of tax (benefit) expense of $(42.0) million, $33.5 million and $(7.2) million for 2014, 2013 and 2012, respectively.

^(d)  Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively.

^(e)  This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 14, “Savings, Pension and Post-Retirement Benefits,” for additional information regarding net periodic benefit (income) costs.

See Accompanying Notes to Consolidated Financial Statements

F-4

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDER'S DEFICIENCY

(dollars in millions)

	RCPC Preferred Stock		Additional Paid-In-Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Total Stockholder's Deficiency
Balance, January 1, 2012	$	54.6	$	945.3	$	(1,440.6	)	$	(200.9	)	$	(641.6	)
Stock-based compensation amortization			0.3								0.3
Excess tax benefits from stock-based compensation			0.7								0.7
Net income					71.2						71.2
Other comprehensive loss, net (a)								(7.3		)	(7.3		)
Balance, December 31, 2012	54.6		946.3		(1,369.4		)	(208.2		)	(576.7		)
Stock-based compensation amortization			0.2								0.2
Net income					1.6						1.6
Other comprehensive income, net (a)								58.4			58.4
Balance, December 31, 2013	$	54.6	$	946.5	$	(1,367.8	)	$	(149.8	)	$	(516.5	)
Stock-based compensation amortization			5.5								5.5
Excess tax benefits from stock-based compensation			0.1								0.1
Net income					47.3						47.3
Other comprehensive loss, net (a)								(93.4		)	(93.4		)
Balance, December 31, 2014	$	54.6	$	952.1	$	(1,320.5	)	$	(243.2	)	$	(557.0	)

^(a)  See Note 17, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012.

See Accompanying Notes to Consolidated Financial Statements

F-5

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

	Year Ended December 31,
	2014			2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	47.3		$	1.6		$	71.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	102.6			76.7			64.9
Foreign currency loss from Venezuela re-measurement	6.0			0.6			—
Amortization of debt discount	1.4			1.3			1.9
Stock-based compensation amortization	5.5			0.2			0.3
Provision for deferred income taxes	67.9			33.4			29.6
Loss on early extinguishment of debt	2.0			29.7			—
Amortization of debt issuance costs	5.5			3.5			3.4
Insurance proceeds for property, plant and equipment	—			(13.1		)	—
(Gain) loss on sale of certain assets	(2.1		)	(2.9		)	0.4
Pension and other post-retirement (income) loss	(5.3		)	(0.2		)	4.0
Change in assets and liabilities:
(Increase) decrease in trade receivables	(5.5		)	40.1			(4.7		)
Decrease (Increase) in inventories	9.2			10.2			(4.4		)
Decrease (Increase) in prepaid expenses and other current assets	4.5			(12.3		)	(14.4		)
Increase in accounts payable	0.2			19.1			5.3
(Decrease) Increase in accrued expenses and other current liabilities	(2.0		)	0.2			38.5
Pension and other post-retirement plan contributions	(19.0		)	(18.5		)	(29.8		)
Purchases of permanent displays	(45.3		)	(44.5		)	(43.2		)
Other, net	1.1			(1.8		)	(18.9		)
Net cash provided by operating activities	174.0			123.3			104.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(55.5		)	(28.6		)	(20.9		)
Business acquisitions, net of cash and cash equivalents acquired	—			(627.6		)	(66.2		)
Insurance proceeds for property, plant and equipment	—			13.1			—
Proceeds from the sale of certain assets	3.4			3.7			0.8
Net cash used in investing activities	(52.1		)	(639.4		)	(86.3		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.7		)	(6.3		)	6.3
Repayment of Non-Contributed Loan	(58.4		)	—			—
Repayments under the Acquisition Term Loan	(7.0		)	—			—
Borrowings under the Acquisition Term Loan	—			698.3			—
Proceeds from the issuance of the 5¾% Senior Notes	—			500.0			—
Repayment of the 9¾% Senior Secured Notes	—			(330.0		)	—
Repayments under the 2011 Term Loan	—			(113.0		)	(8.0		)
Repayment of Contributed Loan	—			(48.6		)	—
Payment of financing costs	(1.8		)	(48.8		)	(0.4		)
Other financing activities	(3.2		)	(2.6		)	(1.3		)
Net cash (used in) provided by financing activities	(75.1		)	649.0			(3.4		)
Effect of exchange rate changes on cash and cash equivalents	(15.6		)	(5.1		)	0.2
Net increase in cash and cash equivalents	31.2			127.8			14.6
Cash and cash equivalents at beginning of period	244.1			116.3			101.7
Cash and cash equivalents at end of period	$	275.3		$	244.1		$	116.3
Supplemental schedule of cash flow information:
Cash paid during the period for:
Interest	$	85.6		$	78.7		$	84.8
Income taxes, net of refunds	20.9			12.5			17.8

See Accompanying Notes to Consolidated Financial Statements

F-6

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revlon Consumer Products Corporation ("Products Corporation" and together with its subsidiaries, the "Company") is the direct wholly-owned operating subsidiary of Revlon, Inc., which is a direct and indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation wholly-owned by Ronald O. Perelman. The Company’s vision is to establish Revlon as the quintessential and most innovative beauty company in the world by offering products that make consumers feel attractive and beautiful. We want to inspire our consumers to express themselves boldly and confidently. The Company operates in two segments, the consumer division (“Consumer”) and the professional division (“Professional”), and manufactures, markets and sells worldwide an extensive array of beauty and personal care products, including cosmetics, hair color, hair care and hair treatments, beauty tools, men's grooming products, anti-perspirant deodorants, fragrances, skincare and other beauty care products. The Company’s principal customers for its products in the Consumer segment include large mass volume retailers and chain drug and food stores (collectively, the “mass retail channel”) in the U.S. and internationally, as well as certain department stores and other specialty stores, such as perfumeries, outside the U.S. The Company's principal customers for its products in the Professional segment include hair and nail salons and distributors in the U.S. and internationally.

The accompanying Consolidated Financial Statements include the accounts of the Company after the elimination of all material intercompany balances and transactions. Certain prior year amounts have been reclassified to conform to the current year presentation.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to, allowances for doubtful accounts, inventory valuation reserves, expected sales returns and allowances, trade support costs, certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of intangible and long-lived assets, income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities, restructuring costs, certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations.

Immaterial Correction - Presentation of Consolidated Balance Sheet as of December 31, 2013

Deferred income taxes - noncurrent, which represented the Company's noncurrent deferred tax assets, and other long-term liabilities, which include the Company's noncurrent deferred tax liabilities, as of December 31, 2013 were retrospectively corrected in the second quarter of 2014 to reflect the Consumer and Professional U.S. entities as one tax-paying component, as well as to appropriately reflect offsetting noncurrent deferred tax assets and noncurrent deferred tax liabilities within other Professional entities. The Company has deemed the correction to be immaterial as there was no impact to the Company’s results of operations, cash flows and stockholder's deficiency for any period, and there are no qualitative factors which would indicate that the change is material. This immaterial correction decreased deferred income taxes - noncurrent and other long-term liabilities, as of December 31, 2013, to $50.9 million and $80.1 million, respectively, as reported in the accompanying Consolidated Balance Sheet, from the previously reported amounts of $179.6 million and $194.0 million, respectively.

Discontinued Operations Presentation

As a result of the Company's decision on December 30, 2013 to exit its business operations in China, the Company has reported the results of its China operations within income (loss) from discontinued operations, net of taxes in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for all periods presented. See Note 4, "Discontinued Operations," for further discussion.

Cash and Cash Equivalents:

Cash equivalents are primarily investments in high-quality, short-term money market instruments with original maturities of three months or less and are carried at cost, which approximates fair value. Cash equivalents were $6.3 million and $1.2 million as of December 31, 2014 and 2013, respectively. Accounts payable includes $2.2 million and $6.4 million of outstanding checks not yet presented for payment at December 31, 2014 and 2013, respectively.

F-7

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Certain of the Company's foreign subsidiaries utilize a cash pooling arrangement with a financial institution for cash management purposes. This cash pooling arrangement allows the participating entities to withdraw cash from the financial institution to the extent aggregate cash deposits held by its participating locations are available at the financial institution. To the extent any participating location on an individual basis is in an overdraft position, such overdrafts would be recorded within short-term borrowings in the consolidated balance sheet and reflected as financing activities in the consolidated statement of cash flows, and the cash deposits held as collateral for such overdrafts would be classified as restricted cash within cash and cash equivalents. As of December 31, 2014, the Company had $3.4 million of such overdrafts recorded in short-term borrowings and $3.4 million of restricted cash recorded in cash and cash equivalents in the Consolidated Balance Sheet.

Trade Receivables:

Trade receivables represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts for balances which are estimated to be uncollectible at December 31, 2014 and 2013, respectively. The Company grants credit terms in the normal course of business to its customers. Trade credit is extended based upon periodically updated evaluations of each customer's ability to perform its payment obligations. The Company does not normally require collateral or other security to support credit sales. The allowance for doubtful accounts is determined based on historical experience and ongoing evaluations of the Company's receivables and evaluations of the risks of payment. The allowance for doubtful accounts is recorded against trade receivable balances when they are deemed uncollectible. Recoveries of trade receivables previously reserved are recorded in the consolidated statements of income and comprehensive income when received. At December 31, 2014 and 2013, the Company's three largest customers accounted for an aggregate of approximately 31% and 30%, respectively, of outstanding trade receivables.

Inventories:

Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company records adjustments to the value of inventory based upon its forecasted plans to sell its inventories, as well as planned product discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing the valuation.

Property, Plant and Equipment and Other Assets:

Property, plant and equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets as follows: land improvements, 20 to 30 years; buildings and improvements, 5 to 50 years; machinery and equipment, 3 to 15 years; office furniture and fixtures, 3 to 15 years; and capitalized software, 2 to 5 years. Leasehold improvements and building improvements are amortized over their estimated useful lives or the terms of the leases or remaining life of the original structure, respectively, whichever is shorter. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements are capitalized. See Note 7, “Property, Plant and Equipment, Net” for further discussion of the above.

Included in other assets are permanent wall displays amounting to $63.3 million and $62.7 million as of December 31, 2014 and 2013, respectively, which are amortized generally over a period of 1 to 5 years. In the event of product discontinuances, from time to time the Company may accelerate the amortization of related permanent wall displays based on the estimated remaining useful life of the asset. Amortization expense for permanent wall displays was $42.5 million, $39.2 million and $36.0 million for 2014, 2013 and 2012, respectively. The Company has also included, in other assets, net deferred financing costs related to the issuance of the Company’s debt instruments amounting to $26.9 million and $32.5 million as of December 31, 2014 and 2013, respectively, which are amortized over the terms of the related debt instruments using the effective-interest method.

Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest) resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset. In connection with integrating Colomer into the Company's business, the Company determined it would implement a company-wide, SAP enterprise resource planning system. As a result, the Company recognized a $5.9 million impairment charge related to in-progress capitalized software development costs during the year ended December 31, 2013 which was included as a component of acquisition and integration costs for 2013 in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income. There were no significant impairment of long-lived assets during the years ended December 31, 2014 and 2013.

F-8

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Goodwill:

Goodwill represents the excess purchase price for businesses acquired over the fair value of net assets acquired. Goodwill is not amortized, but rather is reviewed annually for impairment at the reporting unit level using September 30th carrying values, or when there is evidence that events or changes in circumstances indicate that the Company’s carrying amount may not be recovered. For the 2014 and 2013 annual impairment tests, the Company performed a qualitative assessment to determine whether it would be necessary to perform the two-step goodwill impairment test. The Company did not record any impairment of goodwill during 2014, 2013 or 2012. As of December 31, 2014, there have been no significant events since the timing of the Company’s annual impairment test that would have triggered additional impairment testing. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's goodwill.

Intangible Assets, net:

Intangible Assets, net, include trade names and trademarks, customer relationships, patents and internally developed intellectual property ("IP") and acquired licenses. Indefinite-lived intangible assets, consisting of certain trade names, are not amortized, but rather are tested for impairment annually on September 30th, similar to goodwill, and an impairment is recognized if the carrying amount exceeds the fair value of the intangible asset. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. The Company writes off the gross carrying amount and accumulated amortization for intangible assets in the year in which the asset becomes fully amortized. Finite-lived intangible assets are considered for impairment upon certain “triggering events” and an impairment is recognized if the carrying amount of the intangible asset exceeds the estimate of undiscounted future cash flows. There was no impairment of intangible assets in 2014, 2013 and 2012. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's intangible assets, including a summary of finite-lived and indefinite-lived intangible assets.

Revenue Recognition and Sales Returns:

The Company's policy is to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable. The Company records revenue from the sale of its products when risk of loss and title to the product transfers to the customer. Net sales are comprised of gross revenues less expected returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognizes the related revenue or the date on which the Company offers the incentive.

The Company allows customers to return their unsold products if and when they meet certain Company-established criteria as set forth in the Company's trade terms. The Company regularly reviews and revises, when deemed necessary, its estimates of sales returns based primarily upon the historical rate of actual product returns, planned product discontinuances, new product launches and estimates of customer inventory and promotional sales. The Company records sales returns as a reduction to sales and cost of sales, and an increase to accrued liabilities and inventories. Returned products, which are recorded as inventories, are valued based upon the amount that the Company expects to realize upon their subsequent disposition. The physical condition and marketability of the returned products are the major factors considered by the Company in estimating their realizable value.

Revenues derived from licensing arrangements, including any pre-payments, are recognized in the period in which they are earned, but not before the initial license term commences.

Cost of Sales:

Cost of sales includes all of the costs to manufacture the Company's products. For products manufactured in the Company's own facilities, such costs include raw materials and supplies, direct labor and factory overhead. For products manufactured for the Company by third-party contractors, such cost represents the amounts invoiced by the contractors. Cost of sales also includes the cost of refurbishing products returned by customers that will be offered for resale and the cost of inventory write-downs associated with adjustments of held inventories to their net realizable value. These costs are reflected in the Company’s consolidated statements of income and comprehensive income when the product is sold and net sales revenues are recognized or, in the case of inventory write-downs, when circumstances indicate that the carrying value of inventories is in excess of their recoverable value. Additionally, cost of sales reflects the costs associated with any free products included as sales and promotional incentives. These incentive costs are recognized on the later of the date that the Company recognizes the related revenue or the date on which the Company offers the incentive.

Selling, General and Administrative Expenses:

Selling, general and administrative (“SG&A”) expenses include expenses to advertise the Company's products, such as television advertising production costs and air-time costs, print advertising costs, digital marketing costs, promotional displays

F-9

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

and consumer promotions. SG&A expenses also include the amortization of permanent wall displays and intangible assets, depreciation of certain fixed assets, distribution costs (such as freight and handling), non-manufacturing overhead (principally personnel and related expenses), selling and trade educations fees, insurance and professional service fees.

Advertising:

Advertising within SG&A expenses includes television, print, digital marketing and other advertising production costs which are expensed the first time the advertising takes place. The costs of promotional displays are expensed in the period in which they are shipped to customers. Advertising expenses were $383.2 million, $278.5 million and $252.6 million for 2014, 2013 and 2012, respectively, and were included in SG&A expenses in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income. The Company also has various arrangements with customers pursuant to its trade terms to reimburse them for a portion of their advertising costs, which provide advertising benefits to the Company. Additionally, from time to time the Company may pay fees to customers in order to expand or maintain shelf space for its products. The costs that the Company incurs for "cooperative" advertising programs, end cap placement, shelf placement costs, slotting fees and marketing development funds, if any, are expensed as incurred and are recorded as a reduction within net sales.

Distribution Costs:

Costs, such as freight and handling costs, associated with product distribution are recorded within SG&A expenses when incurred. Distribution costs were $84.9 million, $66.5 million and $61.1 million for 2014, 2013 and 2012, respectively.

Income Taxes:

Income taxes are calculated using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Research and Development:

Research and development expenditures are expensed as incurred and included within SG&A expenses. The amounts charged in 2014, 2013 and 2012 for research and development expenditures were $31.6 million, $26.9 million and $24.2 million, respectively.

Foreign Currency Translation:

Assets and liabilities of foreign operations are translated into U.S. Dollars at the rates of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted average exchange rates prevailing during each period presented. Gains and losses resulting from foreign currency transactions are included in the results of operations. Gains and losses resulting from translation of financial statements of foreign subsidiaries and branches operating in non-hyperinflationary economies are recorded as a component of accumulated other comprehensive loss until either the sale or upon the complete or substantially complete liquidation by the Company of its investment in a foreign entity. To the extent that foreign subsidiaries and branches operate in hyperinflationary economies, non-monetary assets and liabilities are translated at historical rates and translation adjustments are included in the Company's results of operations.

Venezuela - Highly-Inflationary Economy: Effective January 1, 2010, Venezuela was designated as a highly inflationary economy under U.S. GAAP. As a result, beginning January 1, 2010, the U.S. Dollar is the functional currency for the Company’s subsidiary in Venezuela (“Revlon Venezuela”). As Venezuela is designated as highly inflationary, currency translation adjustments of Revlon Venezuela’s balance sheet are reflected in the Company's earnings.

Venezuela - Currency Restrictions: Currency restrictions enacted by the Venezuelan government in 2003 have become more restrictive and have impacted Revlon Venezuela’s ability to obtain U.S. dollars in exchange for Venezuelan Bolivars ("Bolivars") at the official foreign exchange rates from the Venezuelan government and its foreign exchange commission, the Comisiónde Administracion de Divisas (“CADIVI”). In May 2010, the Venezuelan government took control over the previously freely-traded foreign currency exchange market and, in June 2010, replaced it with a new foreign currency exchange system, the Sistema de Transacciones en Moneda Extranjera (“SITME”). In the second quarter of 2011, the Company began using a SITME rate of 5.5 Bolivars per U.S. dollar to translate Revlon Venezuela’s financial statements, as this was the rate at which the Company accessed U.S. dollars in the SITME market during this period (the “SITME Rate”). Through December 31, 2012, the Company continued using the SITME Rate to translate Revlon Venezuela’s financial statements.

F-10

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Venezuela - 2013 Currency Devaluation: In February 2013, the Venezuelan government announced the devaluation of its local currency, Bolivars, relative to the U.S. Dollar, changing the official exchange rate to 6.3 Bolivars per U.S. Dollar (the "Official Rate"). The Venezuelan government also announced that the SITME currency market administered by the central bank would be eliminated, and as a result, the Company began using the Official Rate of 6.3 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning in 2013. To reflect the impact of the currency devaluation, a one-time foreign currency loss of $0.6 million was recorded in earnings during the first quarter of 2013 as a result of the required re-measurement of Revlon Venezuela’s monetary assets and liabilities.

Venezuela - 2014 Currency Devaluation: In January 2014, the Venezuela government announced that the CADIVI would be replaced by the government-operated National Center of Foreign Commerce (the "CENCOEX"), and indicated that the Sistema Complementario de Administración de Divisas (“SICAD”) market would continue to be offered as an alternative foreign currency exchange. Additionally, a parallel foreign currency exchange system, SICAD II, started functioning in March 2014 and allows companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. During 2014, the SICAD II exchange system has had an average transaction rate to the Company of approximately 53 Bolivars per U.S. Dollar (the “SICAD II Rate”).

Throughout 2014, the Company exchanged Bolivars for U.S. Dollars to the extent permitted through the various foreign currency markets available based on its ability to participate in those markets. Prior to June 30, 2014, the Company utilized the Official Rate of 6.3 Bolivars per U.S. Dollar. Following a consideration of the Company's specific facts and circumstances, which included its legal ability and intent to participate in the SICAD II exchange market to import finished goods into Venezuela, the Company determined that it was appropriate to utilize the SICAD II Rate of 53Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning on June 30, 2014. As a result, the Company recorded a foreign currency loss of $6.0 million in the second quarter of 2014 related to the required re-measurement of Revlon Venezuela’s monetary assets and liabilities.

For 2014, the change to the SICAD II Rate of 53 Bolivars per U.S. Dollar, as compared to the Official Rate of 6.3 Bolivars per U.S. Dollar, has had the impact of reducing the Company's consolidated net sales by $16.2 million and reducing the Company's consolidated operating income by $8.4 million.

Classes of Stock:

Products Corporation designated 1,000 shares of preferred stock as the “RCPC Preferred Stock”, of which 546 shares were outstanding as of December 31, 2014 and all of which are held by Revlon, Inc. The holder of the RCPC Preferred Stock is not entitled to receive any dividends. The RCPC Preferred Stock is entitled to a liquidation preference of $100,000 per share before any distribution is made to the holder of Products Corporation’s common stock. The holder of the RCPC Preferred Stock does not have any voting rights, except as required by law. The RCPC Preferred Stock may be redeemed at any time by Products Corporation, at its option, for $100,000 per share. However, the terms of Products Corporation’s various debt agreements currently restrict Products Corporation’s ability to effect such redemption.

Stock-Based Compensation:

The Company recognizes stock-based compensation costs for its restricted stock, measured at the fair value of each award at the time of grant, as an expense over the period during which an employee is required to provide service. Upon the vesting of restricted stock, any resulting tax benefits are recognized in additional paid-in-capital. Any resulting tax deficiencies are recognized in the consolidated statements of income and comprehensive income as tax expense to the extent that the tax deficiency amount exceeds any existing additional paid-in-capital resulting from previously realized excess tax benefits from previous awards. The Company reflects such excess tax benefits as cash flows from financing activities in the consolidated statements of cash flows.

Derivative Financial Instruments:

The Company is exposed to certain risks relating to its ongoing business operations. The Company uses derivative financial instruments, including (i) foreign currency forward exchange contracts (“FX Contracts”) intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows and (ii) interest rate hedging transactions intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness.

Foreign Currency Forward Exchange Contracts

Products Corporation enters into FX Contracts primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company does not apply hedge accounting to its FX Contracts. The Company records FX Contracts in its consolidated balance sheet at fair value and changes in fair value are

F-11

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

immediately recognized in earnings. Fair value of the Company’s FX Contracts is determined by using observable market transactions of spot and forward rates. See Note 13, “Financial Instruments” for further discussion of the Company's FX Contracts.

Interest Rate Swap

In November 2013, Products Corporation executed the 2013 Interest Rate Swap (as hereinafter defined), which has been designated as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan (as hereinafter defined). The Company records changes in the fair value of cash flow hedges that are designated as effective instruments as a component of accumulated other comprehensive loss.  Any ineffectiveness in such cash flow hedges is immediately recognized in earnings. Gains and losses deferred in accumulated other comprehensive loss are recognized in current-period earnings when earnings are affected by the variability of cash flows of the hedged forecasted transaction.  See Note 13, “Financial Instruments” for further discussion of the Company's 2013 Interest Rate Swap.

Recently Adopted Accounting Pronouncements

In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements are also required. The Company adopted ASU No. 2013-04 on January 1, 2014, which is required to be applied retrospectively for obligations that existed at that date. The adoption of ASU No. 2013-04 did not have an impact on the Company's results of operations, financial condition or financial statement disclosures.

In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for a parent company's accounting for the release of the cumulative translation adjustment into net income. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The Company adopted ASU No. 2013-05 on January 1, 2014 and its adoption did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures.

In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations Topic 805, Pushdown Accounting." The new standard eliminates previous pushdown accounting requirements and provides the option to apply pushdown accounting in separate financial statements upon a change-in-control event. The election is available to the acquired company, as well as to any direct or indirect subsidiaries of the acquired company. Each acquired company or any of its subsidiaries can make its own election independently. The new standard is effective immediately for all new change-in-control events or those occurring in periods for which financial statements have not yet been issued. Accordingly, a company can make an election regarding pushdown accounting for a change-in-control event that occurred in any open financial reporting period. The adoption of ASU No. 2014-17 did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures.

Recently Issued Accounting Standards or Updates Not Yet Effective

In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which changes the requirements for reporting discontinued operations under Accounting Standards Codification ("Codification") Topic 205. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment or (iv) other major parts of an entity. ASU No. 2014-08 no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations or (ii) there is significant continuing involvement with a component after its disposal. Additional disclosures about discontinued operations will also be required. The guidance is effective for annual periods beginning on or after December 15, 2014, and is applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company adopted ASU No. 2014-08 on a prospective basis beginning January 1, 2015 and the Company will assess the impact that the new standard will have on the Company's results of operation, financial condition and disclosures at the time a transaction for which the standard is applicable occurs.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the

F-12

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company expects to adopt ASU No. 2014-09 beginning January 1, 2017 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and disclosures.

In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures if conditions give rise to substantial doubt. According to the new standard, substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. The likelihood threshold of "probable", similar to its current use in U.S. GAAP for loss contingencies, will be used to define substantial doubt. Disclosures will be required if conditions give rise to substantial doubt including whether and how management's plans will alleviate the substantial doubt. The guidance is effective for annual periods beginning after December 15, 2015, with early adoption prohibited. The Company expects to adopt ASU No. 2014-15 beginning January 1, 2016 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and financial statement disclosures.

2. BUSINESS COMBINATION

The Colomer Acquisition

On October 9, 2013 (the "Acquisition Date"), Products Corporation completed its acquisition of The Colomer Group Participations, S.L. ("Colomer" and the "Colomer Acquisition"), a Spanish company which primarily manufactures, markets and sells professional products to hair and nail salons and other professional channels under brands such as Revlon Professional, CND, including CND Shellac, and American Crew, as well as retail and multi-cultural product lines. The cash purchase price for the Colomer Acquisition was $664.5 million, which Products Corporation financed with proceeds from the Acquisition Term Loan under the Amended Term Loan Facility (both as hereinafter defined). The Colomer Acquisition provides the Company with broad brand, geographic and channel diversification and substantially expands the Company's business, providing both distribution into new channels and cost synergy opportunities.

The results of operations of the Colomer business have been included, commencing on the Acquisition Date, in the Company’s Consolidated Financial Statements.

For 2014 and 2013, respectively, the Company has incurred acquisition and integration costs related to the Colomer Acquisition, summarized as follows:

	Year Ended December 31,
	2014		2013
Acquisition costs	$	0.5	$	12.9
Integration costs	5.9		12.5
Total acquisition and integration costs	$	6.4	$	25.4

Acquisition costs in 2014 and 2013 primarily include legal and consulting fees related to the Colomer Acquisition. The integration costs consist of non-restructuring costs related to the Company's plans to integrate Colomer's operations into the Company's business. Integration costs incurred during 2014 primarily include employee-related costs related to management changes and audit-related fees. For 2013, integration costs were primarily related to an impairment of in-progress capitalized software development costs and employee-related costs related to management changes.

Purchase Price Allocation

The Company accounted for the Colomer Acquisition as a business combination during the fourth quarter of 2013. The table below summarizes the amounts recognized for assets acquired and liabilities assumed as of the Acquisition Date, as well as adjustments made in the period after the Acquisition Date to the amounts initially recorded in 2013 (the "Measurement Period Adjustments"). Accordingly, the Company retrospectively adjusted its consolidated balance sheet as of December 31, 2013 to reflect these Measurement Period Adjustments. The Measurement Period Adjustments did not have a material impact on the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for 2014.

F-13

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The total consideration of $664.5 million was recorded based on the respective estimated fair values of the net assets acquired on the Acquisition Date with resulting goodwill, as follows:

	Amounts Previously Recognized as of October 9, 2013 (Provisional) (a)		Measurement Period Adjustments			Amounts Recognized as of Acquisition Date (Adjusted)
Cash and cash equivalents	$	36.9	$	—		$	36.9
Trade receivables	83.9		—			83.9
Inventories	75.1		—			75.1
Prepaid expenses and other	31.3		—			31.3
Property, plant and equipment	96.7		—			96.7
Intangible assets(b)	292.7		5.4			298.1
Goodwill(b)(c)	255.7		(2.4		)	253.3
Deferred tax asset - noncurrent	53.1		—			53.1
Other assets(c)	1.9		3.9			5.8
Total assets acquired	927.3		6.9			934.2
Accounts payable	48.0		—			48.0
Accrued expenses and other	65.6		—			65.6
Long-term debt	0.9		—			0.9
Long-term pension and other benefit plan liabilities	4.5		—			4.5
Deferred tax liability(b)	123.3		2.1			125.4
Other long-term liabilities(c)	20.5		4.8			25.3
Total liabilities assumed	262.8		6.9			269.7
Total consideration	$	664.5	$	—		$	664.5

^(a) As previously reported in the Company's 2013 Annual Report on Form 10-K.

^(b) The Measurement Period Adjustments to intangible assets, deferred tax liability and goodwill in the first quarter of 2014 related to a change in assumptions used to calculate the fair value of an acquired customer relationship intangible asset, which increased the intangible asset by $5.4 million and extended the life of the asset from 10 to 20 years, increased deferred tax liabilities by $2.1 million, and resulted in a net decrease to goodwill of $3.3 million.

^(c) The Company recorded a $3.9 million income tax adjustment to the beginning tax balance within other assets and a $4.8 million adjustment to other long-term liabilities, resulting in a net increase to goodwill of $0.9 million.

In determining the fair values of net assets acquired in the Colomer Acquisition and resulting goodwill, the Company considered, among other factors, an analysis of Colomer's historical financial performance and an estimate of the future performance of the acquired business, as well as market participants' intended use of the acquired assets.

The acquired intangible assets, based on the fair values of the identifiable intangible assets, are as follows:

	Fair Values at October 9, 2013		Weighted Average Useful Life (in years)
Trade names, indefinite-lived	$	108.6	Indefinite
Trade names, finite-lived	109.4		5 - 20
Customer relationships	62.4		15 - 20
License agreement	4.1		10
Internally-developed IP	13.6		10
Total acquired intangible assets	$	298.1

F-14

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Unaudited Pro Forma Results

The unaudited pro forma results include the historical consolidated statements of income of the Company and Colomer, giving effect to the Colomer Acquisition and related financing transactions as if they had occurred on January 1, 2012.

The following table presents the Company's pro forma consolidated net sales and income from continuing operations, before income taxes for 2013 and 2012.

	Unaudited Pro Forma Results
	Year Ended December 31,
	2013		2012
Net sales	$	1,908.9	$	1,911.6
Income from continuing operations, before income taxes	135.2		127.2

The pro forma results, prepared in accordance with U.S. GAAP, include the following pro forma adjustments related to the Colomer Acquisition:

(i) as a result of an $11.1 million fair value adjustment to acquired inventory at the Acquisition Date, the Company recognized $8.5 million of the increase in cost of sales in its historical 2013 consolidated financial statements. The pro forma adjustments include an adjustment to reverse the $8.5 million recognized in 2013 cost of sales and recognize the full $11.1 million in 2012 cost of sales;

(ii) the pro forma increase in depreciation and amortization expense based on the fair value adjustments to property, plant and equipment and acquired finite-lived intangible assets recorded in connection with the Colomer Acquisition of $14.3 million and $19.2 million in 2013 and 2012, respectively;

(iii) the elimination of goodwill impairment charges recognized by Colomer in 2013 and 2012 of $9.0 million and $5.3 million, respectively;

(iv) the elimination of acquisition and integration costs recognized by the Company and Colomer in 2013 and 2012 of $25.8 million and $0.8 million, respectively;

(v) the elimination of Colomer's debt facility fees of $3.6 million recognized in 2013, as the debt facility was closed on the Acquisition Date; and

(vi) the pro forma increase in interest expense and amortization of debt issuance costs, resulting from the issuance of the Acquisition Term Loan used by Products Corporation to finance the Colomer Acquisition, for a total combined increase of $19.4 million and $24.4 million in 2013 and 2012, respectively.

The unaudited pro forma results do not include: (1) any revenue or cost reductions that may be achieved through the business combination; or (2) the impact of non-recurring items directly related to the business combination.

The unaudited pro forma results are not necessarily indicative of the operating results that would have occurred if the Colomer Acquisition had been completed as of the date for which the pro forma financial information is presented. In addition, the unaudited pro forma results do not purport to project the future consolidated operating results of the combined company.

3. RESTRUCTURING CHARGES

Integration Program

In January 2014, the Company announced that it was implementing actions to integrate Colomer’s operations into the Company’s business, as well as additional restructuring actions identified to reduce costs across the Company’s businesses (all such actions, together, the “Integration Program”).

The Company expects to recognize total restructuring charges, capital expenditures and related non-restructuring costs under the Integration Program of approximately $50 million in the aggregate over the periods described below.

The Integration Program is designed to deliver cost reductions throughout the combined organization by generating synergies and operating efficiencies within the Company’s global supply chain and consolidating offices and back office support, and other actions designed to reduce SG&A expenses. Certain actions that are part of the Integration Program are subject to consultations with employees, works councils or unions and governmental authorities. The Company expects to substantially complete the

F-15

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Integration Program by the end of 2015.

The approximately $50 million of total expected non-restructuring costs, capital expenditures and restructuring charges under the Integration Program referred to above consist of the following:

1. $5.9 million and $12.5 million and of non-restructuring integration costs recognized during 2014 and 2013, respectively. Such costs have been reflected within acquisition and integration costs in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income and are related to combining Colomer’s operations into the Company’s business;

2. Expected integration-related capital expenditures of approximately $7 million, $4.4 million of which has been paid during 2014 with the remaining balance expected to be paid in 2015; and

3. Expected total restructuring and related charges of approximately $25 million, $20.1 million of which was recognized during 2014 with the remaining charges expected to be recognized in 2015. A summary of the restructuring and related charges for the Integration Program incurred through 2014 and those expected to be incurred in 2015, are as follows:

	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits		Other		Total Restructuring Charges		Inventory Write-offs and Other Manufacturing-Related Costs (a)		Other Charges (b)		Total Restructuring and Related Charges
Charges incurred through December 31, 2014	$	17.3	$	1.6	$	18.9	$	0.6	$	0.6	$	20.1
Total expected charges	$	18.0	$	3.0	$	21.0	$	2.0	$	2.0	$	25.0

^(a)  Inventory write-offs and other manufacturing-related costs are recorded within cost of sales within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

^(b)  Other charges are recorded within SG&A expenses within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

Of the $20.1 million of restructuring and related charges recognized in connection with the Integration Program in 2014, $10.2 million related to the Consumer segment and $9.9 million related to the Professional segment.

The Company expects that cash payments related to the restructuring and related charges in connection with the Integration Program will total approximately $24 million, of which $9.6 million was paid during 2014, and the majority of the remaining balance of $14.4 million is expected to be paid in 2015.

December 2013 Program

In December 2013, the Company announced restructuring actions that included exiting its business operations in China, as well as implementing other immaterial restructuring actions outside the U.S., which are expected to generate other operating efficiencies (the "December 2013 Program"). These restructuring actions resulted in the Company eliminating approximately 1,100 positions in 2014, primarily in China, which included eliminating in the first quarter of 2014 approximately 940 beauty advisors retained indirectly through a third-party agency. The charges incurred for the December 2013 Program relate entirely to the Consumer segment.

F-16

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

A summary of the restructuring and related charges incurred during 2014 in connection with the December 2013 Program are as follows:

	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits			Other			Total Restructuring Charges			Allowances and Returns			Inventory Write-offs			Other Charges		Total Restructuring and Related Charges
Charges incurred through December 31, 2013	$	9.1		$	0.5		$	9.6		$	7.4		$	4.0		$	0.4	$	21.4
Adjustments recorded for the year ended December 31, 2014 (a)	(0.5		)	(0.2		)	(0.7		)	(0.9		)	(0.9		)	—		(2.5		)
Cumulative charges incurred through December 31, 2014	$	8.6		$	0.3		$	8.9		$	6.5		$	3.1		$	0.4	$	18.9
Total expected charges	$	8.6		$	0.3		$	8.9		$	6.5		$	3.1		$	0.4	$	18.9

^(a)  Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

The Company expects net cash payments related to the December 2013 Program to total approximately $17 million, of which $15.5 million was paid during 2014, $0.1 million was paid in 2013, and the remaining balance of $1.4 million is expected to be paid in 2015.

September 2012 Program

In September 2012, the Company announced a restructuring (the “September 2012 Program”), which primarily involved the Company exiting its owned manufacturing facility in France and its leased manufacturing facility in Maryland; rightsizing its organizations in France and Italy; and realigning its operations in Latin America and Canada. The charges incurred related to the September 2012 Program relate entirely to the Consumer segment.

Cumulative charges of $27.2 million were recognized in connection with the September 2012 program, $24.1 million of which was recorded during 2012 and $3.1 million was recorded in 2013. Total net cash payments of $25.1 million were paid in connection with the September 2012 Program, $4.0 million of which was paid during 2014, $17.3 million was paid in 2013 and $3.8 million was paid in 2012.

Other Immaterial Actions

In 2014, the Company recorded net charges totaling $2.7 million of restructuring and related charges, for other immaterial restructuring actions within both the Consumer and Professional segments, due to $5.3 million of charges primarily related to employee-related costs, partially offset by a $2.6 million gain related to the sale of property, plant and equipment.

F-17

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Restructuring Reserve

The related liability balance and activity for each of the Company's restructuring programs as summarized above is presented as follows:

									Utilized, Net
	Balance Beginning of Year		(Income) Expense, Net			Foreign Currency Translation			Cash			Non-cash			Balance End of Year
2014
Integration Program:
Employee severance and other personnel benefits	$	—	$	17.3		$	(0.1	)	$	(7.6	)	$	—		$	9.6
Other	—		1.6			—			(1.2		)	(0.3		)	0.1
December 2013 Program:
Employee severance and other personnel benefits	9.0		(0.5		)	(0.2		)	(7.3		)	0.2			1.2
Other	0.5		(0.2		)	—			(0.3		)	—			—
September 2012 Program:
Employee severance and other personnel benefits	2.7		—			(0.1		)	(2.5		)	0.1			0.2
Other	1.5		—			—			(1.5		)	—			—
2014 Other immaterial actions:
Employee severance and other personnel benefits	—		5.0			(0.1		)	(2.0		)	—			2.9
Other	—		0.2			—			(0.2		)	—			—
Total restructuring reserve	$	13.7	$	23.4		$	(0.5	)	$	(22.6	)	$	—		$	14.0
Gain on sale of property, plant and equipment for 2014 other immaterial actions			(2.6		)
Portion of restructuring benefits recorded within income (loss) from discontinued operations (a)			0.5
Total restructuring charges and other, net, from continuing operations			$	21.3
2013
December 2013 Program:
Employee severance and other personnel benefits	$	—	$	9.1		$	—		$	(0.1	)	$	—		$	9.0
Other	—		0.5			—			—			—			0.5
September 2012 Program:
Employee severance and other personnel benefits	18.0		2.9			(0.1		)	(18.1		)	—			2.7
Other	0.9		2.3			—			(1.7		)	—			1.5
Lease exit	0.3		—			—			(0.3		)	—			—
Total restructuring reserve	$	19.2	14.8			$	(0.1	)	$	(20.2	)	$	—		$	13.7
Gain on sale of France facility			(2.5		)
Portion of restructuring charges recorded within (loss) income from discontinued operations (a)			(8.8		)
Total restructuring charges and other, net from continuing operations			$	3.5

^(a) Refer to Note 4, "Discontinued Operations" for additional information regarding the Company's exit of its business operations in China.

As of December 31, 2014, $13.7 million of the restructuring reserve balance was included within accrued expenses and other and $0.3 million was included within other long-term liabilities in the Company's Consolidated Balance Sheet. As of December 31, 2013, the entire restructuring reserve balance was included within accrued expenses and other in the Company's Consolidated Balance Sheet.

F-18

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

4. DISCONTINUED OPERATIONS

On December 30, 2013, the Company announced that it was implementing restructuring actions which included exiting its business operations in China (refer to Note 3, "Restructuring Charges - December 2013 Program").

The results of the China discontinued operations are included within income (loss) from discontinued operations, net of taxes, and relate to the Consumer segment. The summary comparative financial results of discontinued operations are as follows:

	Year Ended December 31,
	2014		2013			2012
Net sales (a)	$	2.6	$	13.8		$	29.7
Income (loss) from discontinued operations, before taxes (b)	1.5		(30.8		)	(10.5		)
Benefit for income taxes	0.2		(0.4		)	(0.4		)
Income (loss) from discontinued operations, net of taxes	1.3		(30.4		)	(10.1		)

^(a) Net sales during 2014 include favorable adjustments to sales returns related to the Company's exit of its China operations.

^(b) Included in loss from discontinued operations, before taxes for 2013 is $20.0 million of restructuring and related charges related to the Company's exit of its business operations in China as part of the December 2013 Program. Refer to Note 3, "Restructuring Charges - December 2013 Program," for related disclosures.

Assets and liabilities of the China discontinued operations included in the Consolidated Balance Sheets consist of the following:

	December 31,
	2014		2013
Cash and cash equivalents	$	2.4	$	0.9
Trade receivables, net	0.2		1.9
Total current assets	2.6		2.8
Total assets	$	2.6	$	2.8
Accounts payable	$	0.2	$	4.7
Accrued expenses and other	3.9		27.6
Total current liabilities	4.1		32.3
Other long-term liabilities	—		2.8
Total liabilities	$	4.1	$	35.1

5. INVENTORIES

	December 31,
	2014		2013
Raw materials and supplies	$	47.2	$	50.8
Work-in-process	9.0		12.8
Finished goods	100.4		111.4
	$	156.6	$	175.0

F-19

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

6. PREPAID EXPENSES AND OTHER

	December 31,
	2014		2013
Prepaid expenses	$	17.3	$	22.5
Other	27.3		38.9
	$	44.6	$	61.4

7. PROPERTY, PLANT AND EQUIPMENT

	December 31,
	2014			2013
Land and improvements	$	11.7		$	12.9
Building and improvements	83.9			86.6
Machinery, equipment and capital leases	198.7			193.5
Office furniture, fixtures and capitalized software	104.2			107.0
Leasehold improvements	28.1			16.5
Construction-in-progress	35.9			22.5
Property, plant and equipment, gross	462.5			439.0
Accumulated depreciation	(250.5		)	(243.1		)
Property, plant and equipment, net	$	212.0		$	195.9

Depreciation expense for 2014, 2013 and 2012 was $36.9 million, $25.2 million and $22.7 million, respectively.

8. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following table presents the changes in goodwill by segment during each of 2014 and 2013:

	Consumer		Professional			Total
Balance at January 1, 2013	$	217.8	$	—		$	217.8
Goodwill acquired	—		255.7			255.7
Foreign currency translation adjustment	$	0.1	$	1.1		$	1.2
Balance at December 31, 2013 before Measurement Period Adjustments (a)	$	217.9	$	256.8		$	474.7
Measurement Period Adjustments	—		(2.4		)	(2.4		)
Balance at December 31, 2013	217.9		254.4			472.3
Foreign currency translation adjustment	—		(8.2		)	(8.2		)
Balance at December 31, 2014	$	217.9	$	246.2		$	464.1

^(a) As previously reported in the Company's 2013 Form 10-K.

The goodwill acquired during 2013 relates to the Colomer Acquisition and was assigned to the Professional segment. During the first quarter of 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired

F-20

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

in the Colomer Acquisition on October 9, 2013. See Note 2, "Business Combination" for further discussion of the Colomer Acquisition.

Intangible Assets, Net

The following tables present details of the Company's total intangible assets for each of 2014 and 2013:

	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and Licenses	$	140.5	$	(23.5	)	$	117.0	14
Customer relationships	109.1		(13.4		)	95.7		17
Patents and Internally-Developed IP	16.2		(2.4		)	13.8		10
Total finite-lived intangible assets	$	265.8	$	(39.3	)	$	226.5
Indefinite-lived intangible assets:
Trade Names	$	101.3	$	—		$	101.3
Total indefinite-lived intangible assets	$	101.3	$	—		$	101.3
Total intangible assets	$	367.1	$	(39.3	)	$	327.8
	December 31, 2013 (a)
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and Licenses	$	142.1	$	(11.0	)	$	131.1	14
Customer relationships	111.5		(6.7		)	104.8		16
Patents and Internally-Developed IP	15.8		(1.3		)	14.5		10
Total finite-lived intangible assets	$	269.4	$	(19.0	)	$	250.4
Indefinite-lived intangible assets:
Trade Names	$	109.7	$	—		$	109.7
Total indefinite-lived intangible assets	$	109.7	$	—		$	109.7
Total intangible assets	$	379.1	$	(19.0	)	$	360.1

^(a) During the first quarter of 2014, the Company recorded Measurement Period Adjustments to customer relationships acquired in the Colomer Acquisition on October 9, 2013. Accordingly, 2013 has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

Amortization expense for finite-lived intangible assets was $21.3 million, $10.4 million and $4.6 million for 2014, 2013 and 2012, respectively.

F-21

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The following table reflects the estimated future amortization expense, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of December 31, 2014:

	Estimated Amortization Expense
2015	$	20.9
2016	20.7
2017	20.6
2018	19.6
2019	16.9
Thereafter	127.8
Total	$	226.5

9. ACCRUED EXPENSES AND OTHER

	December 31,
	2014		2013
Sales returns and allowances	$	70.6	$	91.5
Compensation and related benefits	66.8		74.5
Advertising and promotional costs	44.9		42.9
Taxes	23.3		28.4
Interest	11.0		13.8
Restructuring reserve	13.7		13.7
Other	43.0		48.8
	$	273.3	$	313.6

10. SHORT-TERM BORROWINGS

Products Corporation had outstanding short-term borrowings (excluding borrowings under the Amended Credit Agreements or 2011 Credit Agreements (as hereinafter defined), which are reflected in Note 11, "Long-Term Debt"), aggregating $6.6 million and $7.9 million at December 31, 2014 and 2013, respectively. The weighted average interest rate on these short-term borrowings outstanding at December 31, 2014 and 2013 was 6.2% and 5.5%, respectively.

F-22

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

11. LONG-TERM DEBT

	December 31, 2014			December 31, 2013
Amended Term Loan Facility: Acquisition Term Loan due 2019, net of discounts (see (a) below)	$	691.6		$	698.3
Amended Term Loan Facility: 2011 Term Loan due 2017, net of discounts (see (a) below)	671.6			670.1
Amended Revolving Credit Facility (see (a) below)	—			—
5¾% Senior Notes due 2021 (see (b) below)	500.0			500.0
Non-Contributed Loan portion of the Amended and Restated Senior Subordinated Term Loan due 2014 (see (c) below)	—			58.4
Spanish Government Loan due 2025 (see (d) below)	0.7			0.9
	1,863.9			1,927.7
Less current portion (*)	(31.5		)	(65.4		)
	$	1,832.4		$	1,862.3

(*) The Company classified $31.5 million of long-term debt as a current liability, which is primarily comprised of the $24.6 million required “excess cash flow” prepayment (as defined under Amended Term Loan Agreement (as hereinafter defined) to be made on or before April 10, 2015 (See below under "Amended Term Loan Facility") and the Company’s regularly scheduled $1.7 million quarterly principal amortization payments (after giving effect to such prepayment).

The Company completed several debt transactions during 2014 and 2013.

2014 Debt Transactions

February 2014 Term Loan Amendment

In February 2014, Products Corporation entered into an amendment (the “February 2014 Term Loan Amendment”) to its amended term loan agreement among Products Corporation, as borrower, a syndicate of lenders and Citicorp USA, Inc. (“CUSA”), as administrative agent and collateral agent. The amended term loan agreement is comprised of (i) the $675.0 million term loan due November 19, 2017 (the "2011 Term Loan" or the “2011 Term Loan Facility”) and (ii) the $700.0 million term loan due October 8, 2019 (the "Acquisition Term Loan"), which had $693.0 million in aggregate principal balance outstanding as of December 31, 2014 (together, the "Amended Term Loan Agreement" and the "Amended Term Loan Facility"). Pursuant to the February 2014 Term Loan Amendment, the interest rates applicable to Eurodollar Loans under the $675.0 million 2011 Term Loan bear interest at the Eurodollar Rate plus 2.5% per annum, with the Eurodollar Rate not to be less than 0.75% (compared to 3.0% and 1.0%, respectively, prior to the February 2014 Term Loan Amendment), while Alternate Base Rate Loans under the 2011 Term Loan bear interest at the Alternate Base Rate plus 1.5%, with the Alternate Base Rate not to be less than 1.75% (compared to 2.0% in each case prior to the February 2014 Term Loan Amendment) (and as each such term is defined in the Amended Term Loan Agreement).

Products Corporation's Acquisition Term Loan and Amended Revolving Credit Facility (as hereinafter defined) were not amended in connection with the February 2014 Term Loan Amendment.

During 2014, the Company incurred approximately $1.1 million of fees and expenses in connection with the February 2014 Term Loan Amendment, which were expensed as incurred, and wrote-off $0.8 million of unamortized debt discount and deferred financing costs as a result of the February 2014 Term Loan Amendment. These amounts, totaling $1.9 million, were recognized within loss on early extinguishment of debt in the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income for the year ended December 31, 2014.

Repayment of Non-Contributed Loan

On May 1, 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the non-contributed loan portion of the Amended and Restated Senior Subordinated Term Loan Agreement (the "Non-Contributed Loan") that remained owing from Products Corporation to various third parties.  The Non-Contributed Loan would have otherwise matured on October 8, 2014. In connection with such prepayment, the Company wrote-off $0.1 million of deferred financing costs, which were recognized within loss on early extinguishment of debt in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for 2014.

F-23

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

2013 Debt Transactions

Term Loan and Revolving Credit Facility Amendments

(i) February 2013 Term Loan Amendments

In February 2013, Products Corporation consummated an amendment (the "February 2013 Term Loan Amendments"), to its Amended Term Loan Agreement, pursuant to which Products Corporation reduced the total aggregate principal amount outstanding under the 2011 Term Loan from $788.0 million to $675.0 million, using a portion of the proceeds from Products Corporation’s issuance of its 5¾% Senior Notes (see “2013 Senior Notes Refinancing” below), together with cash on hand. Before giving effect to the February 2014 Term Loan Amendment, the February 2013 Term Loan Amendments also reduced the interest rates on the 2011 Term Loan such that Eurodollar Loans bore interest at the Eurodollar Rate plus 3.00% per annum, with the Eurodollar Rate not to be less than 1.00% (compared to 3.50% and 1.25%, respectively, prior to the February 2013 Term Loan Amendments), while Alternate Base Rate Loans bore interest at the Alternate Base Rate plus 2.00%, with the Alternate Base Rate not to be less than 2.00% (compared to 2.50% and 2.25%, respectively, prior to the February 2013 Term Loan Amendments) (and as each such term is defined in the Amended Term Loan Agreement). 

Pursuant to the February 2013 Term Loan Amendments, Products Corporation, under certain circumstances, also has the right to request the 2011 Term Loan to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the Amended Term Loan Agreement) does not exceed 3.50:1.00 (compared to $300 million prior to the February 2013 Term Loan Amendments), provided that the lenders are not committed to provide any such increase. Any such increase would be in addition to the Acquisition Term Loan.

(ii) August 2013 Term Loan Amendments

In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated further amendments (the "August 2013 Term Loan Amendments") to its Amended Term Loan Agreement, which permitted, among other things: (i) Products Corporation's consummation of the Colomer Acquisition; and (ii) Products Corporation's incurring up to $700 million of term loans to use as a source of funds to consummate the Colomer Acquisition and pay related fees and expenses.

(iii) Incremental Amendment

In August 2013, in connection with the Colomer Acquisition, Products Corporation entered into an incremental amendment (the "Incremental Amendment") resulting in the Amended Term Loan Agreement with Citibank, N.A., JPMorgan Chase Bank, N.A., Bank of America, N.A, Credit Suisse AG, Cayman Islands Branch, Wells Fargo Bank, N.A. and Deutsche Bank AG New York Branch (collectively, the "Initial Acquisition Lenders") and CUSA, as administrative agent and collateral agent, pursuant to which the Initial Acquisition Lenders committed to provide the Acquisition Term Loan. The Acquisition Term Loan was issued on October 8, 2013 and Products Corporation and used the net proceeds of $698.3 million as a source of funds to consummate the Colomer Acquisition and pay related fees and expenses.

(iv) Amended Revolving Credit Facility

In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated an amendment (the "August 2013 Revolver Amendment") to its third amended and restated revolving credit agreement dated June 16, 2011 (the "2011 Revolving Credit Agreement") which amended its $140.0 million asset-backed, multi-currency revolving credit facility (the "2011 Revolving Credit Facility") to permit, among other things: (a) Products Corporation's consummation of the Colomer Acquisition; and (b) Products Corporation's incurring up to $700 million of the Acquisition Term Loan that Products Corporation used as a source of funds to consummate the Colomer Acquisition. Additionally, the August 2013 Revolver Amendment (1) reduced Products Corporation's interest rate spread over the LIBOR rate applicable to Eurodollar Loans under the facility from a range, based on availability, of 2.00% to 2.50%, to a range of 1.50% to 2.00%; (2) reduced the commitment fee on unused availability under the facility from 0.375% to 0.25%; and (3) extended the maturity of the facility, which was previously scheduled to mature in June 2016, to the earlier of (i) August 2018 or (ii) the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under Products Corporation's bank term loan agreements, but not earlier than June 2016.

Additionally, in December 2013, Products Corporation entered into an incremental amendment (the "December 2013 Revolver Amendment" and together with the August 2013 Revolver Amendment, the "2013 Revolver Amendments") to its third amended and restated revolving credit agreement, dated as of June 16, 2011 (as amended by the 2013 Revolver Amendments, the "Amended Revolving Credit Agreement" and "Amended Revolving Credit Facility"). Under the terms of the December 2013 Revolver Amendment, the lenders' commitment to provide borrowings to Products Corporation and its subsidiary borrowers under the Amended Revolving Credit Facility was increased from $140.0 million to $175.0 million.

F-24

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

2013 Senior Notes Refinancing

In February 2013, Products Corporation issued $500.0 million aggregate principal amount of 5¾% Senior Notes due February 15, 2021 (the “5¾% Senior Notes”) to investors at par pursuant to the 5¾% Senior Notes Indenture, dated as of February 8, 2013 (the “5¾% Senior Notes Indenture”). Products Corporation used $491.2 million of the net proceeds (net of underwriters' fees) from the issuance of the 5¾% Senior Notes to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes due November 2015 (the “9¾% Senior Secured Notes"), as well as to pay an aggregate of $28.0 million for the applicable redemption and tender offer premiums, accrued interest and related fees and expenses. Products Corporation used a portion of the remaining proceeds, together with existing cash, to pay approximately $113 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the Contributed Loan (as hereinafter defined), which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Series A Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), in connection with its mandatory redemption on such date. Refer to “5¾% Senior Notes” below for further discussion.

Repayment of the Contributed Loan

Products Corporation paid to Revlon, Inc., at maturity on October 8, 2013, the $48.6 million aggregate principal amount outstanding under the Contributed Loan. Refer to "2013 Senior Notes Refinancing" above and “Amended and Restated Senior Subordinated Term Loan Agreement” below for further discussion.

Long-Term Debt Agreements

(a) Amended Credit Agreements

The following is a summary description of the Amended Term Loan Facility, which includes the 2011 Term Loan and the Acquisition Term Loan, and the Amended Revolving Credit Facility. Unless otherwise indicated, capitalized terms have the meanings given to them in the Amended Term Loan Agreement and/or the Amended Revolving Credit Agreement (the "Amended Credit Agreements"), as applicable. Investors should refer to the Amended Revolving Credit Agreement and/or the Amended Term Loan Agreement for complete terms and conditions, as these summary descriptions are subject to a number of qualifications and exceptions.

Amended Revolving Credit Facility

Availability under the Amended Revolving Credit Facility varies based on a borrowing base that is determined by the value of eligible trade receivables and eligible inventory in the U.S. and the U.K. and eligible real property and equipment in the U.S. from time to time.

In January 2014, Colomer's U.S.-domiciled subsidiaries (the “Colomer U.S. Subsidiaries”) became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture. In connection with becoming guarantors, substantially all of the assets of the Colomer U.S. Subsidiaries were pledged as collateral under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, thereby increasing the value of the assets supporting the borrowing base under the Amended Revolving Credit Facility.

If the value of the eligible assets is not sufficient to support the $175.0 million borrowing base under the Amended Revolving Credit Facility, Products Corporation will not have full access to the Amended Revolving Credit Facility. Products Corporation’s ability to borrow under the Amended Revolving Credit Facility is also conditioned upon the satisfaction of certain conditions precedent and Products Corporation’s compliance with other covenants in the Amended Revolving Credit Agreement.

In each case subject to borrowing base availability, the Amended Revolving Credit Facility is available to:

(i) Products Corporation in revolving credit loans denominated in U.S. Dollars;

(ii) Products Corporation in swing line loans denominated in U.S. Dollars up to $30.0 million;

(iii) Products Corporation in standby and commercial letters of credit denominated in U.S. Dollars and other currencies up to $60.0 million; and

(iv) Products Corporation and certain of its international subsidiaries designated from time to time in revolving credit loans and bankers’ acceptances denominated in U.S. Dollars and other currencies.

F-25

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Under the Amended Revolving Credit Facility, borrowings (other than loans in foreign currencies) bear interest, if made as Eurodollar Loans, at the Eurodollar Rate plus the applicable margin set forth in the grid below and, if made as Alternate Base Rate Loans, at the Alternate Base Rate plus the applicable margin set forth in the grid below.

Excess Availability	Alternate Base Rate Loans	Eurodollar Loans, Eurocurrency Loan or Local Rate Loans
Greater than or equal to $92,000,000	0.50%	1.50%
Less than $92,000,000 but greater than or equal to $46,000,000	0.75%	1.75%
Less than $46,000,000	1.00%	2.00%

Local Loans (as defined in the Amended Revolving Credit Agreement) bear interest, if mutually acceptable to Products Corporation and the relevant foreign lenders, at the Local Rate, and otherwise (i) if in foreign currencies or in U.S. Dollars at the Eurodollar Rate or the Eurocurrency Rate plus the applicable margin set forth in the grid above or (ii) if in U.S. Dollars at the Alternate Base Rate plus the applicable margin set forth in the grid above.

Prior to the termination date of the Amended Revolving Credit Facility, revolving loans are required to be prepaid (without any permanent reduction in commitment) with:

(i) the net cash proceeds from sales of Revolving Credit First Lien Collateral by Products Corporation or any of Products Corporation’s subsidiary guarantors (other than dispositions in the ordinary course of business and certain other exceptions); and

(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt, to the extent there remains any such proceeds after satisfying Products Corporation’s repayment obligations under the Amended Term Loan Facility.

Products Corporation pays to the lenders under the Amended Revolving Credit Facility a commitment fee of 0.25% of the average daily unused portion of the Amended Revolving Credit Facility, which fee is payable quarterly in arrears. Under the Amended Revolving Credit Facility, Products Corporation also pays:

(i) to foreign lenders a fronting fee of 0.25% per annum on the aggregate principal amount of specified Local Loans (which fee is retained by foreign lenders out of the portion of the Applicable Margin payable to such foreign lender);

(ii) to foreign lenders an administrative fee of 0.25% per annum on the aggregate principal amount of specified Local Loans;

(iii) to the multi-currency lenders a letter of credit commission equal to the product of (a) the Applicable Margin for revolving credit loans that are Eurodollar Rate loans (adjusted for the term that the letter of credit is outstanding) and (b) the aggregate undrawn face amount of letters of credit; and

(iv) to the issuing lender, a letter of credit fronting fee of 0.25% per annum of the aggregate undrawn face amount of letters of credit, which fee is a portion of the Applicable Margin.

Under certain circumstances, Products Corporation has the right to request that the Amended Revolving Credit Facility be increased by up to $100.0 million, provided that the lenders are not committed to provide any such increase.

Under certain circumstances, if and when the difference between (i) the borrowing base under the Amended Revolving Credit Facility and (ii) the amounts outstanding under the Amended Revolving Credit Facility is less than $20.0 million for a period of two consecutive days or more, and until such difference is equal to or greater than $20.0 million for a period of 30 consecutive business days, the Amended Revolving Credit Facility requires Products Corporation to maintain a consolidated fixed charge coverage ratio (the ratio of EBITDA minus Capital Expenditures to Cash Interest Expense for such period) of a minimum of 1.0 to 1.0.

The Amended Revolving Credit Facility matures on the earlier of August 14, 2018 and the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under the Amended Term Loan Facility, but not earlier than June 16, 2016.

F-26

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Amended Term Loan Facility

Term loans under the Amended Term Loan Facility bear interest at the following interest rates:

	Eurodollar Loans	Alternate Base Rate Loans
2011 Term Loans	Eurodollar Rate plus 2.50% per annum (with the Eurodollar Rate not to be less than 0.75%)	Alternate Base Rate plus 1.50% (with the Alternate Base Rate not to be less than 1.75%)
Acquisition Term Loans	Eurodollar Rate plus 3.00% per annum (with the Eurodollar Rate not to be less than 1.00%)	Alternate Base Rate plus 2.00% (with the Alternate Base Rate not to be less than 2.00%)

The term loans under the Amended Term Loan Facility are required to be prepaid with:

(i) the net cash proceeds in excess of $10 million for each 12-month period ending on March 31 received during such period from sales of Term Loan First Lien Collateral by Products Corporation or any of its subsidiary guarantors with carryover of unused annual basket amounts up to a maximum of $25 million and with respect to certain specified dispositions up to an additional $25 million in the aggregate (subject to a reinvestment right for 365 days, or 545 days if the Company has within such 365-day period entered into a legally binding commitment to invest such funds);

(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt; and

(iii) 50% of Products Corporation’s “excess cash flow” (as defined under the Amended Term Loan Agreement), commencing with excess cash flow for the 2013 fiscal year payable in the first 100 days of 2014.

In addition to its regularly scheduled $1.7 million principal repayment due on March 31, 2015, prior to April 10, 2015, Products Corporation is required to prepay, on or before April 10, 2015, $24.6 million of indebtedness under the Amended Term Loan Facility, representing 50% of its 2014 “excess cash flow” (as defined under the Amended Term Loan Agreement), which prepayment shall be applied on a ratable basis between the principal amounts outstanding under 2011 Term Loan and the Acquisition Term Loan. The amount of the prepayment applied to the 2011 Term Loan will be used to reduce the principal amount outstanding (as all amortization payments under the 2011 Term Loan have been paid). The amount applied to the Acquisition Term Loan will be used to reduce Products Corporation's future regularly scheduled quarterly amortization payments under the Acquisition Term Loan on a ratable basis from $1.8 million prior to the prepayment to $1.7 million after giving effect to the prepayment and through October 2019.

The Amended Term Loan Facility contains a financial covenant limiting Products Corporation’s first lien senior secured leverage ratio (the ratio of Products Corporation’s senior secured debt that has a lien on the collateral which secures the Amended Term Loan Facility that is not junior or subordinated to the liens securing the Amended Term Loan Facility (excluding debt outstanding under the Amended Revolving Credit Facility)) to EBITDA, as each such term is defined in the Amended Term Loan Facility, to no more than 4.25 to 1.0 for each period of four consecutive fiscal quarters ending through the maturity date of the Amended Term Loan Facility.

Products Corporation, under certain circumstances, also has the right to request the Amended Term Loan Facility to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the Amended Term Loan Agreement) does not exceed 3.50:1.00, provided that the lenders are not committed to provide any such increase. Such increase is in addition to the Acquisition Term Loan.

The 2011 Term Loan outstanding under the Amended Term Loan Facility matures on November 19, 2017. The Acquisition Term Loan under the Amended Term Loan Facility has the same terms as the 2011 Term Loans, except that: (i) it matures on the sixth anniversary of the closing of the Acquisition Term Loan (or October 8, 2019); and (ii) it amortizes on March 31, June 30, September 30 and December 31 of each year (which commenced March 31, 2014), in an amount equal to 0.25% of the aggregate principal amount of the Acquisition Term Loan.

Provisions Applicable to the Amended Term Loan Facility and the Amended Revolving Credit Facility

The Amended Credit Agreements are supported by, among other things, guarantees from Revlon, Inc. and, subject to certain limited exceptions, Products Corporation’s domestic subsidiaries. Products Corporation’s obligations under the Amended Term Loan Agreement and the Amended Revolving Credit Agreement and the obligations under such guarantees are secured by, subject to certain limited exceptions, substantially all of Products Corporation’s assets and the assets of the guarantors, including:

(i) a mortgage on owned real property, including Products Corporation’s facility in Oxford, North Carolina;

F-27

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

(ii) Products Corporation’s capital stock and the capital stock of the subsidiary guarantors and 66% of the voting capital stock and 100% of the non-voting capital stock of Products Corporation’s and the subsidiary guarantors’ first-tier, non-U.S. subsidiaries;

(iii) Products Corporation’s and the subsidiary guarantors’ intellectual property and other intangible property; and

(iv) Products Corporation’s and the subsidiary guarantors’ inventory, trade receivables, equipment, investment property and deposit accounts.

The liens on, among other things, inventory, trade receivables, deposit accounts, investment property (other than Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries), real property, equipment, fixtures and certain intangible property secure the Amended Revolving Credit Facility on a first priority basis and the Amended Term Loan Facility on a second priority basis. The liens on Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries and intellectual property and certain other intangible property secure the Amended Term Loan Facility on a first priority basis and the Amended Revolving Credit Facility on a second priority basis. Such arrangements are set forth in the Third Amended and Restated Intercreditor and Collateral Agency Agreement, dated as of March 11, 2010, by and among Products Corporation and CUSA, as administrative agent and as collateral agent for the benefit of the secured parties for the Amended Term Loan Facility and Amended Revolving Credit Facility (the “2010 Intercreditor Agreement”). The 2010 Intercreditor Agreement also provides that the liens referred to above may be shared from time to time, subject to certain limitations, with specified types of other obligations incurred or guaranteed by Products Corporation, such as foreign exchange and interest rate hedging obligations and foreign working capital lines.

The Amended Credit Agreements contain various restrictive covenants prohibiting Products Corporation and its subsidiaries from:

(i) incurring additional indebtedness or guarantees, with certain exceptions;

(ii) making dividend and other payments or loans to Revlon, Inc. or other affiliates, with certain exceptions, including among others:

(a) exceptions permitting Products Corporation to pay dividends or make other payments to Revlon, Inc. to enable it to, among other things, pay expenses incidental to being a public holding company, including, among other things, professional fees such as legal, accounting and insurance fees, regulatory fees, such as SEC filing fees and NYSE listing fees, and other expenses related to being a public holding company;

(b) subject to certain circumstances, to finance the purchase by Revlon, Inc. of its Class A Common Stock in connection with the delivery of such Class A Common Stock to grantees under the Fourth Amended and Restated Revlon, Inc. Stock Plan and/or the payment of withholding taxes in connection with the vesting of restricted stock awards under such plan;

(c) subject to certain limitations, to pay dividends or make other payments to finance the purchase, redemption or other retirement for value by Revlon, Inc. of stock or other equity interests or equivalents in Revlon, Inc. held by any current or former director, employee or consultant in his or her capacity as such; and

(d) subject to certain limitations, to make other restricted payments to Products Corporation’s affiliates in an amount up to $10 million per year (plus $10 million for each calendar year commencing with 2011), other restricted payments in an aggregate amount not to exceed $35 million and certain other restricted payments, including without limitation those based upon certain financial tests;

(iii) creating liens or other encumbrances on Products Corporation’s or its subsidiaries’ assets or revenues, granting negative pledges or selling or transferring any of Products Corporation’s or its subsidiaries’ assets, all subject to certain limited exceptions;

(iv) with certain exceptions, engaging in merger or acquisition transactions;

(v) prepaying indebtedness and modifying the terms of certain indebtedness and specified material contractual obligations, subject to certain exceptions;

(vi) making investments, subject to certain exceptions; and

(vii) entering into transactions with Products Corporation’s affiliates involving aggregate payments or consideration in excess of $10 million other than upon terms that are not materially less favorable when taken as a whole to Products Corporation or its subsidiaries as terms that would be obtainable at the time for a comparable transaction or series of similar transactions in arm’s length dealings with an unrelated third person and where such payments or consideration

F-28

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

exceed $20 million, unless such transaction has been approved by all of Products Corporation’s independent directors, subject to certain exceptions.

The events of default under the Amended Credit Agreements include customary events of default for such types of agreements, including, among others:

(i) nonpayment of any principal, interest or other fees when due, subject in the case of interest and fees to a grace period;

(ii) non-compliance with the covenants in the Amended Term Loan Agreement, the Amended Revolving Credit Agreement or the ancillary security documents, subject in certain instances to grace periods;

(iii) the institution of any bankruptcy, insolvency or similar proceedings by or against Products Corporation, any of its subsidiaries or Revlon, Inc., subject in certain instances to grace periods;

(iv) default by Revlon, Inc. or any of its subsidiaries (A) in the payment of certain indebtedness when due (whether at maturity or by acceleration) in excess of $50.0 million in aggregate principal amount or (B) in the observance or performance of any other agreement or condition relating to such debt, provided that the amount of debt involved is in excess of $50.0 million in aggregate principal amount, or the occurrence of any other event, the effect of which default referred to in this subclause (iv) is to cause or permit the holders of such debt to cause the acceleration of payment of such debt;

(v) in the case of the Amended Term Loan Facility, a cross default under the Amended Revolving Credit Facility, and in the case of the Amended Revolving Credit Facility, a cross default under the Amended Term Loan Facility;

(vi) the failure by Products Corporation, certain of Products Corporation’s subsidiaries or Revlon, Inc. to pay certain material judgments;

(vii) a change of control such that (A) Revlon, Inc. shall cease to be the beneficial and record owner of 100% of Products Corporation’s capital stock, (B) Ronald O. Perelman (or his estate, heirs, executors, administrator or other personal representative) and his or their controlled affiliates shall cease to “control” Products Corporation, and any other person or group of persons owns, directly or indirectly, more than 35% of Products Corporation’s total voting power, (C) any person or group of persons other than Ronald O. Perelman (or his estate, heirs, executors, administrator or other personal representative) and his or their controlled affiliates shall “control” Products Corporation or (D) during any period of two consecutive years, the directors serving on Products Corporation’s Board of Directors at the beginning of such period (or other directors nominated by at least a majority of such continuing directors) shall cease to be a majority of the directors;

(viii) Revlon, Inc. shall have any meaningful assets or indebtedness or shall conduct any meaningful business other than its ownership of Products Corporation and such activities as are customary for a publicly traded holding company which is not itself an operating company, in each case subject to limited exceptions; and

(ix) the failure of certain affiliates which hold Products Corporation’s or its subsidiaries’ indebtedness to be party to a valid and enforceable agreement prohibiting such affiliate from demanding or retaining payments in respect of such indebtedness, subject to certain exceptions.

If Products Corporation is in default under the senior secured leverage ratio under the Amended Term Loan Facility or the consolidated fixed charge coverage ratio under the Amended Revolving Credit Agreement, Products Corporation may cure such default by issuing certain equity securities to, or receiving capital contributions from, Revlon, Inc. and applying such cash which is deemed to increase EBITDA for the purpose of calculating the applicable ratio. Products Corporation may exercise this cure right two times in any four-quarter period.

Covenants

Products Corporation was in compliance with all applicable covenants under the Amended Term Loan Agreement and the Amended Revolving Credit Facility as of December 31, 2014 and 2013. At December 31, 2014, the aggregate principal amounts outstanding under the Acquisition Term Loan and the 2011 Term Loan were $693.0 million and $675.0 million, respectively, and availability under the $175.0 million Amended Revolving Credit Facility, based upon the calculated borrowing base less $9.0 million of outstanding undrawn letters of credit and nil then drawn on the Amended Revolving Credit Facility, was $166.0 million.

(b) 5¾% Senior Notes

On February 8, 2013, Products Corporation completed its offering (the "2013 Senior Notes Refinancing"), pursuant to an exemption from registration under the Securities Act of 1933 (as amended, the "Securities Act"), of $500.0 million aggregate principal amount of the 5¾% Senior Notes. The 5¾% Senior Notes are unsecured and were issued to investors at par. The 5¾%

F-29

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Senior Notes mature on February 15, 2021. Interest on the 5¾% Senior Notes accrues at 5¾% per annum, paid every six months on February 15^th and August 15^th. (See "Registration Rights" below).

The 5¾% Senior Notes were issued pursuant to the 5¾% Senior Notes Indenture, dated as of February 8, 2013 (the “Notes Closing Date”), by and among Products Corporation, Products Corporation’s domestic subsidiaries (the “Guarantors”), which also currently guarantee Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, and U.S. Bank National Association, as trustee. The Guarantors issued guarantees (the “Guarantees”) of Products Corporation’s obligations under the 5¾% Senior Notes and the 5¾% Senior Notes Indenture on a joint and several, senior unsecured basis. In January 2014, the Colomer U.S. Subsidiaries became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture.

In December 2013, Products Corporation consummated an offer to exchange the original 5¾% Senior Notes for $500.0 million of new 5¾% Senior Notes, which have substantially the same terms as the original 5¾% Senior Notes, except that they are registered under the Securities Act (such registered new notes being the “5¾% Senior Notes”). See "Registration Rights" below for further discussion.

Products Corporation used a portion of the $491.2 million of net proceeds from the issuance of the 5¾% Senior Notes (net of underwriters' fees) to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes, as well as to pay $8.6 million of accrued interest. Products Corporation incurred an aggregate of $19.4 million of fees for the applicable redemption and tender offer premiums, related fees and expenses in connection with redemption and repayment of the 9¾% Senior Secured Notes and other fees and expenses in connection with the issuance of the 5¾% Senior Notes. Products Corporation used a portion of the remaining proceeds from the issuance of the 5¾% Senior Notes, together with existing cash, to pay approximately $113.0 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the Contributed Loan, which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Series A Preferred Stock in connection with its mandatory redemption on such date.

Ranking

The 5¾% Senior Notes are Products Corporation’s unsubordinated, unsecured obligations and rank senior in right of payment to any future subordinated obligations of Products Corporation and rank pari passu in right of payment with all existing and future senior debt of Products Corporation. Similarly, each Guarantee is the relevant Guarantor’s joint and several, unsubordinated and unsecured obligation and ranks senior in right of payment to any future subordinated obligations of such Guarantor and ranks pari passu in right of payment with all existing and future senior debt of such Guarantor. The Guarantees were issued on a joint and several basis.

The 5¾% Senior Notes and the Guarantees rank effectively junior to Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, which are secured, as well as indebtedness and preferred stock of Products Corporation’s foreign and immaterial subsidiaries (the “Non-Guarantor Subsidiaries”), none of which guarantee the 5¾% Senior Notes.

Optional Redemption

On and after February 15, 2016, the 5¾% Senior Notes may be redeemed at Products Corporation's option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to the date of redemption, if redeemed during the 12-month period beginning on February 15^th of the years indicated below:

Year	Percentage
2016	104.313	%
2017	102.875	%
2018	101.438	%
2019 and thereafter	100.000	%

Products Corporation may redeem the 5¾% Senior Notes at its option at any time or from time to time prior to February 15, 2016, as a whole or in part, at a redemption price per 5¾% Senior Note equal to the sum of (1) the then outstanding principal amount thereof, plus (2) accrued and unpaid interest (if any) to the date of redemption, plus (3) the applicable premium based on the applicable treasury rate plus 75 basis points.

Prior to February 15, 2016, Products Corporation may, from time to time, redeem up to 35% of the aggregate principal amount of the 5¾% Senior Notes and any additional notes with, and to the extent Products Corporation actually receives, the net proceeds

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

of one or more equity offerings from time to time, at 105.75% of the principal amount thereof, plus accrued interest to the date of redemption.

Change of Control

Upon the occurrence of specified change of control events, Products Corporation is required to make an offer to purchase all of the 5¾% Senior Notes at a purchase price of 101% of the outstanding principal amount of the 5¾% Senior Notes as of the date of any such repurchase, plus accrued and unpaid interest to the date of repurchase.

Certain Covenants

The 5¾% Senior Notes Indenture limits Products Corporation’s and the Guarantors’ ability, and the ability of certain other subsidiaries, to:

• incur or guarantee additional indebtedness (“Limitation on Debt”);

• pay dividends, make repayments on indebtedness that is subordinated in right of payment to the 5¾% Senior Notes and make other “restricted payments” (“Limitation on Restricted Payments”);

• make certain investments;

• create liens on their assets to secure debt;

• enter into transactions with affiliates;

• merge, consolidate or amalgamate with another company (“Successor Company”);

• transfer and sell assets (“Limitation on Asset Sales”); and

• permit restrictions on the payment of dividends by Products Corporation’s subsidiaries (“Limitation on Dividends from Subsidiaries”).

These covenants are subject to important qualifications and exceptions. The 5¾% Senior Notes Indenture also contains customary affirmative covenants and events of default.

In addition, if during any period of time the 5¾% Senior Notes receive investment grade ratings from both Standard & Poor’s and Moody’s Investors Services, Inc. and no default or event of default has occurred and is continuing under the 5¾% Senior Notes Indenture, Products Corporation and its subsidiaries will not be subject to the covenants on Limitation on Debt, Limitation on Restricted Payments, Limitation on Asset Sales, Limitation on Dividends from Subsidiaries and certain provisions of the Successor Company covenant.

Registration Rights

On the Notes Closing Date, Products Corporation, the Guarantors and the representatives of the initial purchasers of the 5¾% Senior Notes entered into a Registration Rights Agreement, pursuant to which Products Corporation and the Guarantors agreed with the representatives of the initial purchasers, for the benefit of the holders of the 5¾% Senior Notes, that Products Corporation would, at its cost, among other things: (i) file a registration statement with respect to the 5¾% Senior Notes within 150 days after the Notes Closing Date to be used in connection with the exchange of the 5¾% Senior Notes and related guarantees for publicly registered notes and related guarantees with substantially identical terms in all material respects (except for the transfer restrictions relating to the 5¾% Senior Notes and interest rate increases as described below); (ii) use its reasonable best efforts to cause the applicable registration statement to become effective under the Securities Act within 210 days after the Notes Closing Date; and (iii) use its reasonable best efforts to effect an exchange offer of the 5¾% Senior Notes and the related guarantees for registered notes and related guarantees within 270 days after the Notes Closing Date. In addition, under certain circumstances, Products Corporation was required to file a shelf registration statement to cover resales of the 5¾% Senior Notes. If Products Corporation failed to satisfy such obligations, it was obligated to pay additional interest to each holder of the 5¾% Senior Notes that were subject to transfer restrictions, with respect to the first 90-day period immediately following any such failure, at a rate of 0.25% per annum on the principal amount of the 5¾% Senior Notes that were subject to transfer restrictions held by such holder. The amount of additional interest increased by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration requirements were satisfied, up to a maximum amount of additional interest of 0.50% per annum on the principal amount of the 5¾% Senior Notes that were subject to transfer restrictions.

On December 24, 2013, Products Corporation, consummated an offer to exchange Products Corporation’s 5¾% Senior Notes for new notes, with substantially the same terms, but which were registered under the Securities Act. By having the Registration Statement declared effective by the SEC on November 22, 2013, Products Corporation cured the first registration default that occurred under the Registration Rights Agreement, because the Registration Statement had not been declared effective by September 6, 2013. By consummating the Exchange Offer on December 24, 2013, Products Corporation cured the second registration default

F-31

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

under the Registration Rights Agreement, that occurred because Products Corporation had not consummated the Exchange Offer by November 5, 2013. The first registration default caused the interest on the 5¾% Senior Notes to increase from 5.75% per annum to 6.00% per annum from September 7, 2013 through December 5, 2013 and the second registration default caused the interest on the 5¾% Senior Notes to increase to 6.25% per annum from December 6, 2013 through December 23, 2013. With Products Corporation having consummated the Exchange Offer on December 24, 2013, interest on the 5¾% Senior Notes resumed accruing at the original rate of 5.75% per annum effective from such date. The Company recorded additional interest expense of $0.4 million during the year ended December 31, 2013 with respect to the registration defaults.

Covenants

Products Corporation was in compliance with all applicable covenants under its 5¾% Senior Notes Indenture as of December 31, 2014.

(c) Amended and Restated Senior Subordinated Term Loan Agreement

In January 2008, Products Corporation entered into a $170.0 million Senior Subordinated Term Loan Agreement with MacAndrews & Forbes and on February 1, 2008 used the $170.0 million of proceeds from such loan to repay in full the $167.4 million remaining aggregate principal amount of Products Corporation’s 8 5/8% Senior Subordinated Notes, which matured on February 1, 2008, and to pay $2.55 million of related fees and expenses.

In September 2008, Products Corporation used $63.0 million of the net proceeds from the July 2008 sale of the Company’s Bozzano business in Brazil to partially repay $63.0 million of the outstanding aggregate principal amount of the Senior Subordinated Term Loan. Following such partial repayment, there remained outstanding $107.0 million in aggregate principal amount under such loan consisting of $48.6 million (the “Contributed Loan”) and $58.4 million (the “Non-Contributed Loan”). As of the date of the 2009 Exchange Offer and prior to its October 8, 2013 maturity date when it was completely repaid (the proceeds of which Revlon, Inc. used to consummate the mandatory redemption of the Preferred Stock on such date), the Contributed Loan was due to Revlon, Inc. by Products Corporation. In October 2009, Revlon, Inc. consummated a voluntary exchange offer transaction (the 2009 Exchange Offer"), in which MacAndrews & Forbes contributed to Revlon, Inc. $48.6 million of the $107.0 million aggregate principal amount of the Senior Subordinated Term Loan made by MacAndrews & Forbes to Products Corporation (the “Contributed Loan”). As of the date of the 2009 Exchange Offer and prior to its October 8, 2013 maturity date when it was completely repaid (the proceeds of which Revlon, Inc. used to consummate the mandatory redemption of the Series A Preferred Stock on such date), the Contributed Loan was due to Revlon, Inc. by Products Corporation. The $48.6 million Contributed Loan represented $5.21 of outstanding principal amount under the Senior Subordinated Term Loan for each of the 9,336,905 shares of Class A Common Stock exchanged in the 2009 Exchange Offer, in which Revlon, Inc. issued to MacAndrews & Forbes 9,336,905 shares of Class A Common Stock at a ratio of one share of Class A Common Stock for each $5.21 of outstanding principal amount of the Senior Subordinated Term Loan contributed to Revlon, Inc. The terms of the Senior Subordinated Term Loan Agreement were also amended to extend the maturity date of the Contributed Loan to October 8, 2013 and to change the annual interest rate on the Contributed Loan to 12.75%.

Upon consummation of the 2009 Exchange Offer, the terms of the Senior Subordinated Term Loan Agreement were also amended to extend the maturity date of the $58.4 million principal amount of the Senior Subordinated Term Loan (the “Non-Contributed Loan”) to October 8, 2014 and to change the annual interest rate on the Non-Contributed Loan to 12%.

On April 30, 2012, MacAndrews & Forbes exercised its right to assign its interest in the Non-Contributed Loan. In connection with such assignment, Products Corporation entered into an Amended and Restated Senior Subordinated Term Loan Agreement with MacAndrews & Forbes and a related Administrative Letter was entered into with Citibank, N.A. and MacAndrews & Forbes, to among other things:

i. modify the interest rate on the Non-Contributed Loan from its prior 12% fixed rate to a floating rate of LIBOR plus 7%, with a 1.5% LIBOR floor, resulting in an interest rate of approximately 8.5% per annum (or a 3.5% reduction per annum) upon the effectiveness of the Amended and Restated Senior Subordinated Term Loan Agreement;

ii. insert prepayment premiums such that Products Corporation could optionally prepay the Non-Contributed Loan (a) from November 1, 2013 through April 30, 2014 with a 2% prepayment premium on the aggregate principal amount of the Non-Contributed Loan being prepaid, and (b) from May 1, 2014 through maturity on October 8, 2014 with no prepayment premium; and

iii. designate Citibank, N.A. as the administrative agent for the Non-Contributed Loan.

Concurrent with the effectiveness of the Amended and Restated Senior Subordinated Term Loan Agreement, MacAndrews & Forbes assigned its entire interest in the Non-Contributed Loan to several third parties.

F-32

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

On its October 8, 2013 maturity date, Products Corporation paid to Revlon, Inc. the $48.6 million aggregate principal amount outstanding under the Contributed Loan, which Revlon, Inc. used to consummatethe mandatory redemption of the Series A Preferred Stock on such date.

On May 1, 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the Non-Contributed Loan that remained owing from Products Corporation to various third parties.  The Non-Contributed Loan would have otherwise matured on October 8, 2014. In connection with the prepayment, the Company wrote-off $0.1 million of deferred financing costs, which were recognized within loss on early extinguishment of debt in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for the year ended December 31, 2014.

(d) Spanish Government Loan

In connection with the Colomer Acquisition, the Company acquired the Colomer Group's euro-denominated loan payable to the Spanish government (the "Spanish Government Loan"), which loan had $0.7 million aggregate principal amount outstanding as of December 31, 2014 (based on foreign exchange rates in effect as of such date).  The Spanish Government Loan does not bear interest and is payable in 10 equal installments on June 30^th of each year beginning in 2016 through 2025. 

Long-Term Debt Maturities

The aggregate amounts of contractual long-term debt maturities at December 31, 2014 in the years 2015 through 2019 and thereafter are as follows:

Years Ended December 31,	Long-Term Debt Maturities
2015	$	31.5		(a)
2016	7.0			(a)
2017	669.8			(b)
2018	7.0			(a)
2019	653.1			(c)
Thereafter	500.3			(d)
Total long-term debt	1,868.7
Discounts	(4.8		)
Total long-term debt, net of discounts	$	1,863.9

^(a)  Amount includes the quarterly amortization payments required under the Acquisition Term Loan as well as the required $24.6 million “excess cash flow” prepayment to be made on or before April 10, 2015 under the Amended Term Loan Agreement (as defined under the Amended Term Loan Agreement).

^(b)  Amount includes the aggregate principal amount expected to be outstanding under the 2011 Term Loan which matures on November 19, 2017, after giving effect to the quarterly amortization payments required under the Acquisition Term Loan and the excess cash flow prepayment referred to in note (a) above.

^(c)  Amount is comprised of the aggregate principal amount expected to be outstanding under the Acquisition Term Loan assuming a maturity date of October 9, 2019, after giving effect to the amortization payments and excess cash flow prepayment referred to in note (a) above.

^(d)  Amount is primarily comprised of the $500.0 million aggregate principal amount outstanding as of December 31, 2014 under the 5¾% Senior Notes, which mature on February 21, 2021.

12. FAIR VALUE MEASUREMENTS

Assets and liabilities are required to be categorized into three levels of fair value based upon the assumptions used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, generally would require significant management judgment. The three levels for categorizing the fair value measurement of assets and liabilities are as follows:

• Level 1: Fair valuing the asset or liability using observable inputs, such as quoted prices in active markets for identical assets or liabilities;

F-33

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

• Level 2: Fair valuing the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

• Level 3: Fair valuing the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability.

As of December 31, 2014, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets:
Derivatives:
FX Contracts(a)	$	0.2	$	—	$	0.2	$	—
Total assets at fair value	$	0.2	$	—	$	0.2	$	—
Liabilities:
Derivatives:
FX Contracts(a)	$	—	$	—	$	—	$	—
2013 Interest Rate Swap(b)	3.5		—		3.5		—
Total liabilities at fair value	$	3.5	$	—	$	3.5	$	—

As of December 31, 2013, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets:
Derivatives:
FX Contracts(a)	$	1.0	$	—	$	1.0	$	—
2013 Interest Rate Swap(b)	2.5		—		2.5		—
Total assets at fair value	$	3.5	$	—	$	3.5	$	—
Liabilities:
Derivatives:
FX Contracts(a)	$	0.2	$	—	$	0.2	$	—
Total liabilities at fair value	$	0.2	$	—	$	0.2	$	—

^(a)  The fair value of the Company’s foreign currency forward exchange contracts ("FX Contracts") was measured based on observable market transactions of spot and forward rates on the respective dates. See Note 13, “Financial Instruments.”

^(b)  The fair value of the Company's 2013 Interest Rate Swap was measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve on the respective dates. See Note 13, “Financial Instruments.”

As of December 31, 2014, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:

	Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
Liabilities:
Long-term debt, including current portion	$	—	$	1,844.0	$	—	$	1,844.0	$	1,863.9

F-34

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

As of December 31, 2013, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:

	Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
Liabilities:
Long-term debt, including current portion	$	—	$	1,931.9	$	—	$	1,931.9	$	1,927.7

The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on the quoted market prices for the same issues or on the current rates offered for debt of similar remaining maturities.

The carrying amounts of cash and cash equivalents, trade receivables, notes receivable, accounts payable and short-term borrowings approximate their fair values.

13. FINANCIAL INSTRUMENTS

Products Corporation maintains standby and trade letters of credit for various corporate purposes under which Products Corporation is obligated, of which $9.0 million and $9.9 million (including amounts available under credit agreements in effect at that time) were maintained at December 31, 2014 and December 31, 2013, respectively. Included in these amounts is approximately $7.7 million and $8.1 million at December 31, 2014 and December 31, 2013, respectively, in standby letters of credit which support Products Corporation’s self-insurance programs. The estimated liability under such programs is accrued by Products Corporation.

Derivative Financial Instruments

The Company uses derivative financial instruments, primarily (i) FX Contracts, intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows, and (ii) interest rate hedging transactions, such as the 2013 Interest Rate Swap, intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness.

Foreign Currency Forward Exchange Contracts

The FX Contracts are entered into primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year.

The U.S. Dollar notional amount of the FX Contracts outstanding at December 31, 2014 and December 31, 2013 was $7.6 million and $52.9 million, respectively.

Interest Rate Swap Transaction

In November 2013, Products Corporation executed a forward-starting floating-to-fixed interest rate swap transaction with a 1.00% floor, based on a notional amount of $400 million in respect of indebtedness under the Acquisition Term Loan over a period of three years (the "2013 Interest Rate Swap"). The Company designated the 2013 Interest Rate Swap as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan with respect to the $400 million notional amount over the three-year term of the 2013 Interest Rate Swap. Under the terms of the 2013 Interest Rate Swap, Products Corporation will receive from the counterparty a floating interest rate based on the higher of three-month USD LIBOR or 1.00% commencing in May 2015, while paying a fixed interest rate payment to the counterparty equal to 2.0709% (which effectively fixes the interest rate on such notional amount at 5.0709% over the three-year term of the 2013 Interest Rate Swap.) For 2014, the 2013 Interest Rate Swap was deemed effective and therefore the changes in fair value related to the 2013 Interest Rate Swap have been recorded in Other Comprehensive Loss. As of December 31, 2014, the balance of deferred net losses on derivatives included in accumulated other comprehensive income was $(2.2) million after-tax. (See "Quantitative Information – Derivative Financial Instruments" below). The Company expects that $(1.3) million of the after-tax amounts related to the 2013 Interest Rate Swap will be reclassified into earnings over the next 12 months as a result of transactions that are expected to occur over that period. The amount ultimately realized in earnings may differ as the LIBOR is subject to change. Realized gains and losses are ultimately determined by actual rates at maturity of the derivative.

F-35

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Credit Risk

Exposure to credit risk in the event of nonperformance by any of the counterparties is limited to the gross fair value of the derivative instruments in asset positions, which totaled $0.2 million and $3.5 million as of December 31, 2014 and December 31, 2013, respectively. The Company attempts to minimize exposure to credit risk by generally entering into derivative contracts with counterparties that have investment-grade credit ratings and are major financial institutions. The Company also periodically monitors any changes in the credit ratings of its counterparties. Given the current credit standing of the Company's counterparties to its derivative instruments, the Company believes the risk of loss under these derivative instruments arising from any non-performance by any of the counterparties is remote.

Quantitative Information – Derivative Financial Instruments

The effects of the Company’s derivative instruments on its consolidated financial statements were as follows:

(a) Fair Values of Derivative Financial Instruments in Consolidated Balance Sheets:

	Fair Values of Derivative Instruments
	Assets					Liabilities
	Balance Sheet	December 31, 2014		December 31, 2013		Balance Sheet	December 31, 2014		December 31, 2013
	Classification	Fair Value		Fair Value		Classification	Fair Value		Fair Value
Derivatives designated as hedging instruments:
2013 Interest Rate Swap(i)	Prepaid expenses and other	$	—	$	—	Accrued expenses and other	$	2.1	$	—
	Other assets	—		2.5		Other long-term liabilities	1.4		—
Derivatives not designated as hedging instruments:
FX Contracts(ii)	Prepaid expenses and other	$	0.2	$	1.0	Accrued Expenses	$	—	$	0.2

⁽ⁱ⁾ The fair values of the 2013 Interest Rate Swap at December 31, 2014 and December 31, 2013 were measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve at December 31, 2014 and December 31, 2013, respectively.

⁽ⁱⁱ⁾ The fair values of the FX Contracts at December 31, 2014 and December 31, 2013 were measured based on observable market transactions of spot and forward rates at December 31, 2014 and December 31, 2013, respectively.

(b) Effects of Derivative Financial Instruments on the Consolidated Statements of Income and Comprehensive (Loss) Income for each of 2014, 2013 and 2012:

	Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income
	Year Ended December 31,
	2014			2013		2012
Derivatives designated as hedging instruments:
2013 Interest Rate Swap, net of tax (a)	$	(3.7	)	$	1.5	$	—

^(a)  Net of tax (benefit) expense of $(2.3) million and $1.0 million for each of 2014 and 2013.

	Income Statement Classification	Amount of Gain (Loss) Recognized in Net Income
		Year Ended December 31,
		2014		2013		2012
Derivatives not designated as hedging instruments:
FX Contracts	Foreign currency gain (loss), net	$	0.5	$	2.2	$	(1.9	)

F-36

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

14. SAVINGS PLAN, PENSION AND POST-RETIREMENT BENEFITS

Savings Plan:

The Company offers a qualified defined contribution plan for its U.S.-based employees, the Revlon Employees' Savings, Investment and Profit Sharing Plan (as amended, the "Savings Plan"), which allows eligible participants to contribute up to 25%, and highly compensated participants to contribute up to 6%, of eligible compensation through payroll deductions, subject to certain annual dollar limitations imposed by the Internal Revenue Service (the "IRS"). The Company matches employee contributions at fifty cents for each dollar contributed up to the first 6% of eligible compensation (for a total match of 3% of employee contributions). The Company made cash matching contributions of $2.4 million to the Savings Plan during each of 2014, 2013 and 2012, respectively. The Company also offers a non-qualified defined contribution plan (the “Excess Savings Plan”) providing benefits for certain U.S. employees who are in excess of IRS limitations. These non-qualified defined contribution benefits are funded from the general assets of the Company.

The Company’s qualified and non-qualified defined contribution savings plans for its U.S.-based employees contain a discretionary profit sharing component that enables the Company, should it elect to do so, to make discretionary profit sharing contributions. For 2014, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $4.0 million (of which $3.1 million was paid in 2014 and $0.9 million was paid in January 2015), or 3% of eligible compensation, which was credited on a quarterly basis. For 2013, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $4.1 million (of which $3.2 million was paid in 2013 and $0.9 million was paid in January 2014), or 3% of eligible compensation, which was credited on a quarterly basis. For 2012, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $3.9 million (of which $3.0 million was paid in 2012 and $0.9 million was paid in January 2013), or 3% of eligible compensation, which was credited on a quarterly basis.

Pension Benefits:

In 2009, Products Corporation’s U.S. qualified defined benefit pension plan (the Revlon Employees’ Retirement Plan, which covered a substantial portion of the Company's employees in the U.S.) and its non-qualified pension plan (the Revlon Pension Equalization Plan) were amended to cease future benefit accruals under such plan after December 31, 2009. No additional benefits have accrued since December 31, 2009, other than interest credits on participant account balances under the cash balance program of the Company’s U.S. pension plans. Also, service credits for vesting and early retirement eligibility will continue to accrue in accordance with the terms of the respective plans. In 2010, the Company amended its Canadian defined benefit pension plan (the Affiliated Revlon Companies Employment Plan) to reduce future benefit accruals under such plan after December 31, 2010. Additionally, while the Company closed its U.K. defined pension plan to new entrants in 2002, then-existing participants continue to accrue pension benefits.

Effective December 31, 2012, Products Corporation merged two of its qualified defined benefit pension plans; therefore, as of December 31, 2012, Products Corporation sponsors two qualified defined benefit pension plans. The Company also has non-qualified pension plans which provide benefits for certain U.S. and non-U.S. employees, and for U.S. employees in excess of IRS limitations in the U.S. and in certain limited cases contractual benefits for certain former officers of the Company. These non-qualified plans are funded from the general assets of the Company.

Also, during 2012, the Company announced plans to exit its owned manufacturing facility in France and rightsize its organization in France as part of the September 2012 Program (as defined in Note 3, “Restructuring Charges”). As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.2 million of prior service costs and accumulated actuarial losses previously reported within accumulated other comprehensive loss, for a net gain of $1.5 million, which was recorded within restructuring charges and other, net for 2012.

Other Post-retirement Benefits:

The Company previously sponsored an unfunded retiree benefit plan, which provides death benefits payable to beneficiaries of a very limited number of former employees. Participation in this plan was limited to participants enrolled as of December 31, 1993. The Company also administers an unfunded medical insurance plan on behalf of Revlon Holdings, certain costs of which have been apportioned to Revlon Holdings under the transfer agreements among Revlon, Inc., Products Corporation and MacAndrews & Forbes. (See Note 20, “Related Party Transactions - Transfer Agreements”).

F-37

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The following table provides an aggregate reconciliation of the projected benefit obligations, plan assets, funded status and amounts recognized in the Company’s Consolidated Financial Statements related to the Company's significant pension and other post-retirement benefit plans.

	Pension Plans						Other Post-Retirement Benefit Plans
	December 31,
	2014			2013			2014			2013
Change in Benefit Obligation:
Benefit obligation - beginning of year	$	(668.2	)	$	(744.6	)	$	(14.4	)	$	(16.5	)
Service cost	(0.8		)	(0.9		)	—			—
Interest cost	(30.1		)	(27.6		)	(0.5		)	(0.6		)
Actuarial gain (loss)	(108.0		)	65.5			(0.2		)	1.6
Benefits paid	41.0			39.1			0.7			0.8
Currency translation adjustments	4.4			(0.1		)	—			0.3
Other	—			0.4			1.5			—
Benefit obligation - end of year	$	(761.7	)	$	(668.2	)	$	(12.9	)	$	(14.4	)
Change in Plan Assets:
Fair value of plan assets - beginning of year	$	557.6		$	520.2		$	—		$	—
Actual return on plan assets	37.6			58.1			—			—
Employer contributions	18.2			17.7			0.7			0.8
Benefits paid	(41.0		)	(39.1		)	(0.7		)	(0.8		)
Currency translation adjustments	(4.7		)	0.7			—			—
Fair value of plan assets - end of year	$	567.7		$	557.6		$	—		$	—
Unfunded status of plans at December 31,	$	(194.0	)	$	(110.6	)	$	(12.9	)	$	(14.4	)

In respect of the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 consist of the following:

	Pension Plans						Other Post-Retirement Benefit Plans
	December 31,
	2014			2013			2014			2013
Other long-term assets	$	0.8		$	—		$	—		$	—
Accrued expenses and other	$	(6.1	)	$	(5.9	)	$	(0.7	)	$	(0.8	)
Pension and other post-retirement benefit liabilities	(188.7		)	(104.7		)	(12.2		)	(13.6		)
Total liability	(194.0		)	(110.6		)	(12.9		)	(14.4		)
Accumulated other comprehensive loss, gross	277.6			170.1			2.5			2.8
Income tax (benefit) expense	(43.7		)	(1.8		)	0.1			0.1
Portion allocated to Revlon Holdings	(1.0		)	(0.7		)	(0.2		)	—
Accumulated other comprehensive loss, net	$	232.9		$	167.6		$	2.4		$	2.9

With respect to the above accrued expenses and other, the Company has recorded receivables from affiliates of $3.1 million and $2.6 million at December 31, 2014 and 2013, respectively, relating to pension plan liabilities retained by such affiliates.

F-38

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the Company's pension plans are as follows:

	December 31,
	2014		2013
Projected benefit obligation	$	761.7	$	668.2
Accumulated benefit obligation	761.0		667.3
Fair value of plan assets	567.7		557.6

Net Periodic Benefit Cost:

The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans are as follows:

	Pension Plans									Other Post-Retirement Benefit Plans
	Year Ended December 31,
	2014			2013			2012			2014		2013			2012
Net periodic benefit (income) costs:
Service cost	$	0.8		$	0.9		$	1.6		$	—	$	—		$	—
Interest cost	30.1			27.6			30.0			0.5		0.6			0.7
Expected return on plan assets	(41.3		)	(38.3		)	(35.2		)	—		—			—
Amortization of actuarial loss	4.5			8.6			8.1			0.1		0.4			0.3
Curtailment gain	—			—			(1.5		)	—		—			—
	(5.9		)	(1.2		)	3.0			0.6		1.0			1.0
Portion allocated to Revlon Holdings	(0.1		)	(0.1		)	(0.1		)	—		(0.1		)	—
	$	(6.0	)	$	(1.3	)	$	2.9		$	0.6	$	0.9		$	1.0

For 2014, the Company recognized net periodic benefit income of $(5.4) million, as compared to $(0.4) million in 2013, primarily due to an increase in the fair value of pension plan assets at December 31, 2014, as well as lower amortization of actuarial losses.

During 2013, the Company recognized net period benefit income of $(0.4) million, compared to net period benefit costs of $3.9 million in 2012, driven primarily by the increase in the fair value of pension plan assets and a decrease in the interest cost at December 31, 2013, which was driven by an increase in the discount rate from 2012.

Net periodic benefit (income) costs are reflected in the Company's Consolidated Financial Statements as follows:

	Year Ended December 31,
	2014			2013
Net periodic benefit (income) costs:
Cost of sales	$	(4.2	)	$	(2.3	)
Selling, general and administrative expense	(0.7		)	2.4
Inventories	(0.5		)	(0.5		)
	$	(5.4	)	$	(0.4	)

F-39

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Amounts recognized in accumulated other comprehensive loss at December 31, 2014 in respect of the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, are as follows:

	Pension Benefits			Post-Retirement Benefits			Total
Net actuarial loss	$	277.6		$	2.5		$	280.1
Prior service cost	—			—			—
Accumulated Other Comprehensive Loss, Gross	277.6			2.5			280.1
Income tax (benefit) expense	(43.7		)	0.1			(43.6		)
Portion allocated to Revlon Holdings	(1.0		)	(0.2		)	(1.2		)
Accumulated Other Comprehensive Loss, Net	$	232.9		$	2.4		$	235.3

The total actuarial losses and prior service costs in respect of the Company’s pension plans and other post-retirement plans included in accumulated other comprehensive loss at December 31, 2014 and expected to be recognized in net periodic benefit cost during the fiscal year ended December 31, 2015, is $8.2 million and $0.1 million, respectively.

Pension Plan Assumptions:

The following weighted-average assumptions were used to determine the Company’s projected benefit obligation of the Company’s U.S. and International pension plans at the end of the respective years:

	U.S. Plans				International Plans
	2014		2013		2014		2013
Discount rate	3.89	%	4.68	%	3.74	%	4.48	%
Rate of future compensation increases	3.00	%	3.00	%	2.33	%	3.40	%

The following weighted-average assumptions were used to determine the Company’s net periodic benefit (income) cost of the Company’s U.S. and International pension plans during the respective years:

	U.S. Plans						International Plans
	2014		2013		2012		2014		2013		2012
Discount rate	4.68	%	3.78	%	4.38	%	4.48	%	4.33	%	4.77	%
Expected long-term return on plan assets	7.75	%	7.75	%	7.75	%	6.00	%	6.00	%	6.22	%
Rate of future compensation increases	3.00	%	3.00	%	3.50	%	3.40	%	2.97	%	3.05	%

The 3.89% weighted-average discount rate used to determine the Company’s projected benefit obligation of the Company’s U.S. plans at the end of 2014 was derived by reference to appropriate benchmark yields on high quality corporate bonds, with terms which approximate the duration of the benefit payments and the relevant benchmark bond indices considering the individual plan’s characteristics. The rate selected approximates the rate at which the Company believes the U.S. pension benefits could have been effectively settled. The discount rates used to determine the Company’s projected benefit obligation of the Company’s primary international plans at the end of 2014 were derived from similar local studies, in conjunction with local actuarial consultants and asset managers.

In selecting its expected long-term rate of return on its plan assets, the Company considers a number of factors, including, without limitation, recent and historical performance of plan assets, the plan portfolios' asset allocations over a variety of time periods compared with third-party studies, the performance of the capital markets in recent years and other factors, as well as advice from various third parties, such as the plans' advisors, investment managers and actuaries. While the Company considered both the recent performance and the historical performance of plan assets, the Company’s assumptions are based primarily on its estimates of long-term, prospective rates of return. Using the aforementioned methodologies, the Company selected a 7.75% and 6.00% weighted-average long-term rate of return on plan assets assumption during 2014 for the U.S and International pension plans, respectively. Differences between actual and expected asset returns are recognized in the net periodic benefit cost over the remaining service period of the active participating employees.

The rate of future compensation increases is an assumption used by the actuarial consultants for pension accounting and is determined based on the Company’s current expectation for such increases.

F-40

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Investment Policy:

The Investment Committee for the Company's U.S. pension plans (the “Investment Committee”) has adopted (and revises from time to time) an investment policy for the U.S. pension plans with the objective of meeting or exceeding, over time, the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. In connection with this objective, the Investment Committee retains a professional investment advisor who recommends investment managers that invest plan assets in the following asset classes: common and preferred stock, mutual funds, fixed income securities, common and collective funds, hedge funds, group annuity contracts and cash and other investments. The Company’s international plans follow a similar methodology in conjunction with local actuarial consultants and asset managers.

The investment policy adopted by the Investment Committee provides for investments in a broad range of publicly-traded securities, among other things.  The investments are in domestic and international stocks, ranging from small to large capitalization stocks, debt securities ranging from domestic and international treasury issues, corporate debt securities, mortgages and asset-backed issues. Other investments may include cash and cash equivalents and hedge funds.  The investment policy also allows for private equity, not covered in investments described above, provided that such investments are approved by the Investment Committee prior to their selection. Also, global balanced strategies are utilized to provide for investments in a broad range of publicly-traded stocks and bonds in both domestic and international markets as described above. In addition, the global balanced strategies can include commodities, provided that such investments are approved by the Investment Committee prior to their selection.

The Investment Committee’s investment policy does not allow the use of derivatives for speculative purposes, but such policy does allow its investment managers to use derivatives for the purpose of reducing risk exposures or to replicate exposures of a particular asset class.

The Company’s U.S. and international pension plans have target ranges which are intended to be flexible guidelines for allocating the plans’ assets among various classes of assets. These target ranges are reviewed periodically and considered for readjustment when an asset class weighting is outside of its target range (recognizing that these are flexible target ranges that may vary from time to time) with the objective of achieving the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. The target ranges per asset class are as follows:

	Target Ranges
	U.S. Plans	International Plans
Asset Class:
Common and preferred stock	0% - 10%	—
Mutual funds	20% - 30%	—
Fixed income securities	10% - 30%	—
Common and collective funds	25% - 55%	100%
Hedge funds	0% - 15%	—
Group annuity contract	0% - 5%	—
Cash and other investments	0% - 10%	—

Fair Value of Pension Plan Assets:

The following table presents information on the fair value of the U.S. and international pension plan assets at December 31, 2014 and 2013:

	U.S. Plans				International Plans
	2014		2013		2014		2013
Fair value of plan assets	$	496.1	$	492.5	$	71.6	$	65.1

The Company determines the fair values of the Company’s U.S. and international pension plan assets as follows:

• Common and preferred stock: The fair values of the investments included in the common and preferred stock asset class generally reflect the closing price reported on the major market where the individual securities are traded. The Company classifies common and preferred stock investments within Level 1 of the fair value hierarchy.

F-41

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

• Mutual funds: The fair values of the investments included in the mutual funds asset class are determined using net asset value (“NAV”) provided by the administrator of the funds. The NAV is based on the closing price reported on the major market where the individual securities within the mutual fund are traded. The Company classifies mutual fund investments within Level 1 of the fair value hierarchy.

• Fixed income securities: The fair values of the investments included in the fixed income securities asset class are based on a compilation of primarily observable market information and/or broker quotes. The Company classifies fixed income securities investments primarily within Level 2 of the fair value hierarchy.

• Common and collective funds: The fair values of the investments included in the common and collective funds asset class are determined using NAV provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the common and collective fund, minus its liabilities, and then divided by the number of shares outstanding. The Company classifies common and collective fund investments within Level 2 of the fair value hierarchy.

• Hedge funds: The hedge fund asset class includes hedge funds that primarily invest in a grouping of equities, fixed income instruments, currencies, derivatives and/or commodities. The fair values of investments included in the hedge funds class are determined using NAV provided by the administrator of the funds. The NAV is based on securities listed or quoted on a national securities exchange or market, or traded in the over-the-counter market, and is valued at the closing quotation posted by that exchange or trading system. Securities not listed or quoted on a national securities exchange or market are valued primarily through observable market information or broker quotes. The hedge fund investments generally can be sold on a quarterly or monthly basis and may employ leverage. The Company classifies hedge fund investments within Level 2 of the fair value hierarchy.

• Group annuity contract: The group annuity contract asset class primarily invests in equities, corporate bonds and government bonds. The fair values of securities listed or quoted on a national securities exchange or market, or traded in the over-the-counter market, are valued at the closing quotation posted by that exchange or trading system. Securities not listed or quoted on a national securities exchange or market are valued primarily through observable market information or broker quotes. The Company classifies group annuity contract investments within Level 2 of the fair value hierarchy.

• Cash and cash equivalents: Cash and cash equivalents are measured at cost, which approximates fair value. The Company classifies cash and cash equivalents within Level 1 of the fair value hierarchy.

F-42

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The fair values of the U.S. and International pension plan assets at December 31, 2014, by asset categories were as follows:

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Input (Level 2)			Significant Unobservable Inputs (Level 3)
Common and Preferred Stock:
U.S. small/mid cap equity	$	20.5		$	20.5	$	—		$	—
Mutual Funds(a):
Corporate bonds	17.5			17.5		—			—
Government bonds	13.6			13.6		—			—
U.S. large cap equity	68.5			68.5		—			—
International equities	7.3			7.3		—			—
Emerging markets international equity	6.1			6.1		—			—
Other	3.1			3.1		—			—
Fixed Income Securities:
Corporate bonds	55.0			0.1		54.9			—
Government bonds	10.9			—		10.9			—
Common and Collective Funds(a):
Corporate bonds	75.4			—		75.4			—
Government bonds	60.0			—		60.0			—
U.S. large cap equity	24.3			—		24.3			—
U.S. small/mid cap equity	21.0			—		21.0			—
International equities	89.9			—		89.9			—
Emerging markets international equity	17.6			—		17.6			—
Cash and cash equivalents	3.7			—		3.7			—
Other	3.1			—		3.1			—
Hedge Funds(a):
Corporate bonds	6.8			—		6.8			—
Government bonds	(8.8		)	—		(8.8		)	—
U.S. large cap equity	9.1			—		9.1			—
International equities	15.9			—		15.9			—
Emerging markets international equity	4.1			—		4.1			—
Cash and cash equivalents	26.8			—		26.8			—
Other	4.2			—		4.2			—
Group Annuity Contract	2.8			—		2.8			—
Cash and cash equivalents	9.3			9.3		—			—
Fair value of plan assets at December 31, 2014	$	567.7		$	146.0	$	421.7		$	—

^(a)  The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

F-43

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The fair values of the U.S. and International pension plan assets at December 31, 2013, by asset categories were as follows:

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Input (Level 2)		Significant Unobservable Inputs (Level 3)
Common and Preferred Stock:
U.S. small/mid cap equity	$	23.1	$	23.1	$	—	$	—
Mutual Funds(a):
Corporate bonds	24.4		24.4		—		—
Government bonds	15.1		15.1		—		—
U.S. large cap equity	68.7		68.7		—		—
International equities	4.3		4.3		—		—
Emerging markets international equity	4.2		4.2		—		—
Other	0.9		0.9		—		—
Fixed Income Securities:
Corporate bonds	46.1		—		45.8		0.3
Government bonds	9.6		—		8.0		1.6
Common and Collective Funds(a):
Corporate bonds	53.7		—		53.7		—
Government bonds	69.8		—		69.8		—
U.S. large cap equity	33.8		—		33.8		—
U.S. small/mid cap equity	23.0		—		23.0		—
International equities	92.1		—		92.1		—
Emerging markets international equity	17.3		—		17.3		—
Cash and cash equivalents	2.0		—		2.0		—
Other	2.9		—		2.9		—
Hedge Funds(a):
Corporate bonds	11.8		—		11.8		—
Government bonds	24.5		—		24.5		—
U.S. large cap equity	4.3		—		4.3		—
International equities	6.1		—		6.1		—
Cash and cash equivalents	5.7		—		5.7		—
Other	4.1		—		4.1		—
Group Annuity Contract	2.6		—		2.6		—
Cash and cash equivalents	7.5		7.5		—		—
Fair value of plan assets at December 31, 2013	$	557.6	$	148.2	$	407.5	$	1.9

^(a)  The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

F-44

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The following table sets forth a summary of changes in the fair values of the U.S. and International pension plans’ Level 3 assets for each of 2014 and 2013:

	Total			Fixed Income Securities			Hedge Funds
Balance, December 31, 2012	$	0.6		$	0.6		$	—
Purchases, sales, and settlements, net	0.6			0.6			—
Loss on assets held during the period	(0.2		)	(0.2		)	—
Transfers into Level 3	0.9			0.9			—
Balance, December 31, 2013	1.9			1.9			—
Purchases, sales and settlements, net	(0.5		)	(0.5		)	—
Loss on assets held during the period	—			—			—
Transfers out of Level 3	(1.4		)	(1.4		)	—
Balance, December 31, 2014	$	—		$	—		$	—

The amount transferred out of Level 3 in the fair value hierarchy during 2014 relates to certain U.S. pension plan investments in South American government bonds. During 2014, observable market information became available for these plan assets and as a result, the assets have been categorized as Level 2 within the hierarchy. The U.S. pension plan did not realize any material gains or losses related to these investments during 2014 or 2013.

Contributions:

The Company’s intent is to fund at least the minimum contributions required to meet applicable federal employee benefit laws and local laws, or to directly pay benefit payments where appropriate. During 2014, the Company contributed $18.2 million to its pension plans and $0.7 million to its other post-retirement benefit plans. During 2015, the Company expects to contribute approximately $20 million to its pension and other post-retirement benefit plans.

Estimated Future Benefit Payments:

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the Company’s pension and other post-retirement benefit plans:

	Total Pension Benefits		Total Other Benefits
2015	$	41.3	$	0.8
2016	42.0		0.9
2017	42.9		0.9
2018	43.8		0.9
2019	44.4		0.9
Years 2020 to 2024	231.8		4.6

15. STOCK COMPENSATION PLAN

Revlon, Inc. maintains the Fourth Amended and Restated Revlon, Inc. Stock Plan (the "Stock Plan"), which provides for awards of stock options, stock appreciation rights, restricted or unrestricted stock and restricted stock units to eligible employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. An aggregate of 6,565,000 shares are reserved for issuance as Awards under the Stock Plan, subject to the adjustment provisions of the Stock Plan. In July 2014, the Stock Plan was amended to renew the Stock Plan for a 7-year renewal term expiring on April 14, 2021.

Stock options:

Non-qualified stock options granted under the Stock Plan are granted at prices that equal or exceed the fair market value of Revlon Inc.'s Class A Common Stock on the grant date and have a term of 7 years. Option grants generally vest over service periods that range from 1 year to 4 years.

F-45

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

At December 31, 2014 there were no options exercisable under the Stock Plan, and 800 and 8,105 stock options exercisable at December 31, 2013 and 2012, respectively.

A summary of stock option activity for each of 2014, 2013 and 2012 is presented below:

	Stock Options (000's)		Weighted Average Exercise Price
Outstanding at January 1, 2012	264.5		$	31.02
Forfeited and expired	(256.4	)	31.06
Outstanding at December 31, 2012	8.1		29.91
Forfeited and expired	(7.3	)	30.17
Outstanding at December 31, 2013	0.8		27.50
Forfeited and expired	(0.8	)	27.50
Outstanding at December 31, 2014	—		—

Restricted stock awards and restricted stock units:

The Stock Plan allows for awards of restricted stock and restricted stock units to employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. The restricted stock awards granted under the Stock Plan vest over service periods that generally range from 3 years to 5 years. In 2014, the Company granted 693,378 shares of restricted stock to certain executives which vest over a 5-year period. In October 2013, the Company granted 120,000 shares of restricted common stock with a 3-year vesting period to an executive who ceased employment with the Company during 2014, with the final 80,000 shares vesting in equal installments in October 2015 and October 2016. There have not been any other restricted stock awards granted since 2009.

A summary of the restricted stock and restricted stock unit activity for each of 2014, 2013 and 2012 is presented below:

	Restricted Stock (000's)		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2012	257.4		$	7.04
Vested(a)	(257.4	)	7.04
Outstanding at December 31, 2012	—		—
Granted	120.0		24.80
Outstanding at December 31, 2013	120.0		24.80
Granted	693.4		31.01
Vested(a)	(40.0	)	24.80
Outstanding at December 31, 2014	773.4		30.37

^(a)  Of the amounts vested during 2014 and 2012, 22,328 and 83,582 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon, Inc. treasury stock and are not sold on the open market.

The Company recognizes non-cash compensation expense related to restricted stock awards and restricted stock units under the Stock Plan using the straight-line method over the remaining service period. The Company recorded compensation expense related to restricted stock awards under the Stock Plan of $5.5 million, $0.2 million and $0.3 million during 2014, 2013 and 2012, respectively. The total fair value of restricted stock and restricted stock units that vested during 2014 and 2013 was $1.0 million and nil, respectively. The deferred stock-based compensation related to restricted stock awards was $18.8 million at December 31, 2014 and will be amortized ratably to compensation expense over the remaining vesting period of 4.3 years.

F-46

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

16. INCOME TAXES

The Company's income before income taxes and the applicable provision for income taxes are as follows:

	Year Ended December 31,
	2014			2013			2012
Income from continuing operations before income taxes:
United States	$	146.9		$	36.0		$	108.4
Foreign	(19.7		)	44.6			17.7
	$	127.2		$	80.6		$	126.1
Provision for (benefit from) income taxes:
United States federal	$	58.2		$	27.4		$	43.1
State and local	17.9			13.8			(9.8		)
Foreign	5.1			7.4			11.5
	$	81.2		$	48.6		$	44.8
Current:
United States federal	$	2.6		$	3.2		$	2.3
State and local	3.5			0.7			2.2
Foreign	7.2			11.3			10.7
	13.3			15.2			15.2
Deferred:
United States federal	55.6			24.2			40.8
State and local	14.4			13.1			(12.0		)
Foreign	(2.1		)	(3.9		)	0.8
	67.9			33.4			29.6
Total provision for income taxes:	$	81.2		$	48.6		$	44.8

The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate below. Certain prior year amounts have been reclassified to conform to the presentation for 2014.

	Year Ended December 31,
	2014		2013			2012
Computed income tax expense	$	44.5	$	28.2		$	44.1
State and local taxes, net of U.S. federal income tax benefit	20.5		8.9			3.9
Foreign and U.S. tax effects attributable to operations outside the U.S.	4.2		(4.9		)	(4.3		)
Establishment (release) of valuation allowance	6.4		—			(15.8		)
Foreign dividends and earnings taxable in the U.S.	5.4		11.0			12.7
Restructuring charges and litigation loss contingency for which there is no tax benefit	—		2.7			7.2
Other	0.2		2.7			(3.0		)
Tax expense	$	81.2	$	48.6		$	44.8

F-47

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Deferred taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities at December 31, 2014 and 2013 were comprised of the following:

	December 31,
	2014			2013(a)
Deferred tax assets:
Inventories	$	7.6		$	9.1
Net operating loss carryforwards - U.S.	77.6			127.8
Net operating loss carryforwards - foreign	57.9			69.9
Employee benefits	100.7			65.0
State and local taxes	2.7			2.3
Sales related reserves	26.2			33.3
Other	46.1			41.0
Total gross deferred tax assets	318.8			348.4
Less valuation allowance	(57.1		)	(61.7		)
Total deferred tax assets, net of valuation allowance	261.7			286.7
Deferred tax liabilities:
Plant, equipment and other assets	(30.0		)	(29.3		)
Intangibles	(88.0		)	(98.8		)
Foreign currency translation adjustment	3.9			1.9
Other	(55.2		)	(45.2		)
Total gross deferred tax liabilities	(169.3		)	(171.4		)
Net deferred tax assets	$	92.4		$	115.3

^(a) During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

As previously disclosed, in assessing the recoverability of its deferred tax assets, management regularly considers whether some portion or all of the deferred tax assets will not be realized based on the recognition threshold and measurement of a tax position. The ultimate realization of deferred tax assets is generally dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Based on the level of historical losses for certain jurisdictions within the U.S., the Company had maintained a deferred tax valuation allowance against certain of its deferred tax assets. As of December 31, 2012, the Company had experienced improved earnings trends and had cumulative taxable income in such jurisdictions. As a result of such earnings trends and the Company’s tax position, and based upon the Company’s projections for future taxable income over the periods in which the deferred tax assets are recoverable, management concluded that it was more likely than not that the Company would realize the benefits of certain of its net deferred tax assets existing at December 31, 2012 in those jurisdictions. Therefore, at December 31, 2012, the Company realized a non-cash benefit of $15.8 million related to a reduction of the Company’s deferred tax valuation allowance on certain of its net deferred tax assets for certain jurisdictions within the U.S. The Company reflected this benefit in the tax provision and this non-cash benefit increased net income at December 31, 2012.

A valuation allowance has been provided for those deferred tax assets for which, in the opinion of the Company's management, it is more-likely-than-not that the deferred tax assets will not be realized. At December 31, 2014, the deferred tax valuation allowance primarily represents amounts for foreign tax loss carryforwards and certain U.S. state and local tax loss carryforwards. The deferred tax valuation allowance decreased by $4.6 million and $8.9 million during 2014 and 2013, respectively. The decrease in the deferred tax valuation allowance during 2014 was primarily due to foreign currency translation and the amalgamation of certain foreign subsidiaries, partially offset by the establishment of a valuation allowance against certain deferred tax assets in the Professional segment during 2014. The decrease in the deferred tax valuation allowance during 2013 was primarily due to changes in the presentation of the Company's unrecognized tax benefits as a result of its prospective adoption of ASU No. 2013-11 at December 31, 2013, partially offset by a valuation allowance recorded against certain deferred tax assets resulting from the Colomer Acquisition.

F-48

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

After December 31, 2014, the Company has tax loss carryforwards of approximately $389.3 million, of which $244.2 million are foreign and $145.1 million are domestic (federal). The losses expire in future years as follows: 2015- $0.3 million; 2016- $4.0 million; 2017- $9.2 million; 2018 and beyond- $188.9 million; and unlimited- $186.9 million. The Company could receive the benefit of such tax loss carryforwards only to the extent it has taxable income during the carryforward periods in the applicable tax jurisdictions. As of December 31, 2014, there were no consolidated federal net operating losses available from the MacAndrews & Forbes Group (as hereinafter defined) from periods prior to the March 25, 2004 deconsolidation (as described below).

The Company remains subject to examination of its income tax returns in various jurisdictions including, without limitation, Australia, Canada and Spain for tax years ended December 31, 2010 through December 31, 2013 and South Africa and the U.S. (federal) for tax years ended December 31, 2011 through December 31, 2013. The Company classifies interest and penalties as a component of the provision for income taxes. During 2014 and 2013, the Company recognized in the Consolidated Statements of Income and Comprehensive (Loss) Income a decrease of $0.9 million and a decrease of $1.7 million, respectively, in accrued interest and penalties.

At December 31, 2014 and 2013, the Company had unrecognized tax benefits of $62.0 million and $74.5 million, respectively, including $11.3 million and $11.6 million, respectively, of accrued interest and penalties. All of the unrecognized tax benefits, to the extent reduced and unutilized in future periods, would affect the Company’s effective tax rate. A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

Balance at January 1, 2013	$	49.9
Increase based on tax positions taken in a prior year	25.8
Decrease based on tax positions taken in a prior year	(1.6		)
Increase based on tax positions taken in the current year	9.3
Decrease resulting from the lapse of statutes of limitations	(8.9		)
Balance at December 31, 2013	74.5
Increase based on tax positions taken in a prior year	12.6
Decrease based on tax positions taken in a prior year	(22.8		)
Increase based on tax positions taken in the current year	8.0
Decrease resulting from the lapse of statutes of limitations	(10.3		)
Balance at December 31, 2014	$	62.0

In addition, the Company believes that it is reasonably possible that its unrecognized tax benefits during 2015 will increase by approximately $2.4 million as a result of changes in various tax positions, each of which is individually insignificant.

The Company has not provided for U.S. federal income taxes and foreign withholding taxes on $42.0 million of foreign subsidiaries' cumulative undistributed earnings as of December 31, 2014 because such earnings are intended to be indefinitely reinvested overseas. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, additional tax provisions may be required. Due to the complexities in the tax laws and the assumptions that would have to be made, it is not practicable to estimate the amounts of income tax provisions that may be required.

As a result of the closing of the 2004 Revlon Exchange Transactions (as hereinafter defined in Note 20, “Related Party Transactions - Tax Sharing Agreements”), as of March 25, 2004, Revlon, Inc., Products Corporation and their U.S. subsidiaries were no longer included in the affiliated group of which MacAndrews & Forbes was the common parent (the “MacAndrews & Forbes Group”) for federal income tax purposes. Revlon Holdings (as hereinafter defined in Note 20, “Related Party Transactions - Transfer Agreements”), Revlon, Inc., Products Corporation and certain of its subsidiaries, and MacAndrews & Forbes Incorporated entered into a tax sharing agreement (as subsequently amended and restated, the "MacAndrews & Forbes Tax Sharing Agreement"), for taxable periods beginning on or after January 1, 1992 through and including March 25, 2004, during which Revlon, Inc. and Products Corporation or a subsidiary of Products Corporation was a member of the MacAndrews & Forbes Group. In these taxable periods, Revlon, Inc.'s and Products Corporation's federal taxable income and loss were included in such group's consolidated tax return filed by MacAndrews & Forbes Incorporated. Revlon, Inc. and Products Corporation were also included in certain state and local tax returns of MacAndrews & Forbes Incorporated or its subsidiaries. Revlon, Inc. and Products Corporation remain liable under the MacAndrews & Forbes Tax Sharing Agreement for all such taxable periods through and including March 25, 2004 for amounts determined to be due as a result of a redetermination arising from an audit or otherwise, equal to the taxes that Revlon, Inc. or Products Corporation would otherwise have had to pay if it were to have filed separate federal, state or local income tax returns for such periods.

F-49

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Following the closing of the 2004 Revlon Exchange Transactions, Revlon, Inc. became the parent of a new consolidated group for federal income tax purposes and Products Corporation's federal taxable income and loss are included in such group's consolidated tax returns. Accordingly, Revlon, Inc. and Products Corporation entered into a tax sharing agreement (the "Revlon Tax Sharing Agreement") pursuant to which Products Corporation is required to pay to Revlon, Inc. amounts equal to the taxes that Products Corporation would otherwise have had to pay if Products Corporation were to file separate federal, state or local income tax returns, limited to the amount, and payable only at such times, as Revlon, Inc. will be required to make payments to the applicable taxing authorities.

There were no federal tax payments or payments in lieu of taxes from Revlon, Inc. to Revlon Holdings pursuant to the MacAndrews & Forbes Tax Sharing Agreement in 2014 or 2013 with respect to periods covered by the MacAndrews & Forbes Tax Sharing Agreement, and the Company expects that there will not be any such payments in 2015. During 2014, there were $0.3 million of federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement with respect to 2014 and nil with respect to 2013. During 2013, there was $1.3 million in federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement with respect to 2012. The Company expects that there will be no federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement during 2015 with respect to 2014.

Pursuant to the asset transfer agreement referred to in Note 20, “Related Party Transactions - Transfer Agreements,” Products Corporation assumed all tax liabilities of Revlon Holdings other than (i) certain income tax liabilities arising prior to January 1, 1992 to the extent such liabilities exceeded the reserves on Revlon Holdings' books as of January 1, 1992 or were not of the nature reserved for and (ii) other tax liabilities to the extent such liabilities are related to the business and assets retained by Revlon Holdings.

F-50

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

17. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss as of December 31, 2014, 2013 and 2012 are as follows:

	Foreign Currency Translation			Actuarial (Loss) Gain on Post-retirement Benefits			Prior Service Cost on Post-retirement Benefits			Deferred Gain (Loss) - Hedging			Other			Accumulated Other Comprehensive Loss
Balance at January 1, 2012	$	24.8		$	(225.6	)	$	(0.1	)	$	—		$	—		$	(200.9	)
Unrealized gains (losses), net of tax of $1.0 million	(1.5		)	—			—			—			—			(1.5		)
Amortization of pension related costs, net of tax of $(1.0) million(a)(b)	—			9.4			—			—			—			9.4
Pension re-measurement, net of tax of $7.2 million	—			(15.4		)	—			—			—			(15.4		)
Pension curtailment gain(c)	—			0.1			0.1			—			—			0.2
Balance at December 31, 2012	$	23.3		$	(231.5	)	$	—		$	—		$	—		$	(208.2	)
Unrealized gains (losses), net of tax of $3.3 million	(4.1		)	—			—			—			—			(4.1		)
Amortization of pension related costs, net of tax of $(1.2) million(a)	—			7.7			—			—			—			7.7
Pension re-measurement, net of tax of $(33.5) million	—			53.3			—			—			—			53.3
Revaluation of derivative financial instrument, net of tax of $(1.0) million(d)	—			—			—			1.5			—			1.5
Balance at December 31, 2013	$	19.2		$	(170.5	)	$	—		$	1.5		$	—		$	(149.8	)
Currency translation adjustment, net of tax of $2.1 million	(24.6		)	—			—			—			—			(24.6		)
Amortization of pension related costs, net of tax of $(0.1) million(a)	—			4.5			—			—			—			4.5
Pension re-measurement, net of tax of $42.0 million	—			(69.6		)	—			—			—			(69.6		)
Revaluation of derivative financial instrument, net of tax of $2.3 million(d)	—			—			—			(3.7		)	—			(3.7		)
Other	—			0.3			—			—			(0.3		)	—
Other comprehensive loss	(24.6		)	(64.8		)	—			(3.7		)	(0.3		)	(93.4		)
Balance at December 31, 2014	$	(5.4	)	$	(235.3	)	$	—		$	(2.2	)	$	(0.3	)	$	(243.2	)

^(a)  Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

^(b)  Included in this amount is a $2.0 million reclassification adjustment recorded in the first quarter of 2012 related to deferred taxes on the amortization of actuarial losses.

^(c) As a result of the September 2012 Program,the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

^(d)   For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.

F-51

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

18. SEGMENT DATA AND RELATED INFORMATION

Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the “Chief Executive Officer”) in deciding how to allocate resources and in assessing the Company's performance. As a result of the similarities in the procurement, marketing and distribution processes for all of the Company’s products, much of the information provided in the consolidated financial statements is similar to, or the same as, that reviewed on a regular basis by the Company's management.

At December 31, 2014, the Company’s operations are organized into the following two operating segments, which also represent the Company’s reportable segments:

• Consumer - The Consumer segment is comprised of the Company's consumer brands, which primarily include Revlon, Almay, SinfulColors and Pure Ice in cosmetics; Revlon ColorSilk in women’s hair color; Revlon in beauty tools; and Mitchum in anti-perspirant deodorants. The Company’s principal customers for its consumer products include the mass retail channel, consisting of large mass volume retailers and chain drug and food stores in the U.S. and internationally, as well as certain department stores and other specialty stores, such as perfumeries, outside the U.S. The Consumer segment also includes a skincare and hair color line sold in the mass retail channel, primarily in Spain, which were acquired as part of the Colomer Acquisition.

• Professional - The Professional segment is comprised primarily of the brands which the Company acquired in the Colomer Acquisition, which include Revlon Professional in hair color and hair care; CND-branded productsin nail polishes and nail enhancements; and American Crew in men’s grooming products, all of which are sold worldwide in the professional salon channel. The Company’s principal customers for its professional products include hair and nail salons and distributors in the U.S. and internationally. The Professional segment also includes a multi-cultural line consisting of Creme of Nature hair care products sold in the mass retail channel and in professional salons, primarily in the U.S.

The Company's management evaluates segment profit, which is defined as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses, for each of the Company's Consumer and Professional segments. Segment profit also excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the segments' underlying operating performance, which includes the impacts of: (i) restructuring and related charges; (ii) acquisition and integration costs; (iii) costs of sales resulting from a fair value adjustment to inventory acquired in the Colomer Acquisition; (iv) insurance proceeds received in 2013 related to the 2011 fire that destroyed the Company's facility in Venezuela; and (v) an accrual for estimated clean-up costs related to the Company's facility in Venezuela. Such items are shown below in the table reconciling segment profit to consolidated income from continuing operations before income taxes. Unallocated corporate expenses primarily include general and administrative expenses related to the corporate organization. These expenses are recorded in unallocated corporate expenses as these items are centrally directed and controlled and are not included in internal measures of segment operating performance. The Company does not have any material inter-segment sales.

The accounting policies for each of the reportable segments are the same as those described in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; thus, no additional information regarding assets and liabilities of the Company’s operating segments is produced for the Company's management or included in these financial statements.

F-52

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The following table is a comparative summary of the Company’s net sales and segment profit by operating segment for each of 2014, 2013 and 2012. In the table below, certain amounts have been reclassified to conform to the presentation for 2014. Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had been included in the Professional segment in the Company's 2013 Annual Report on Form 10-K.

	Twelve Months Ended December 31,
	2014 (a)		2013 (a)			2012
Segment Net Sales:
Consumer	$	1,438.3	$	1,394.2		$	1,396.4
Professional	502.7		100.5			—
Total	$	1,941.0	$	1,494.7		$	1,396.4
Segment Profit:
Consumer	$	347.6	$	347.2		$	363.1
Professional	104.8		5.1			—
Total	$	452.4	$	352.3		$	363.1
Reconciliation:
Segment Profit	$	452.4	$	352.3		$	363.1
Less:
Unallocated corporate expenses	67.4		58.7			55.0
Depreciation and amortization	102.6		76.7			64.9
Non-cash stock compensation expense	5.5		0.2			0.3
Non-recurring items:
Restructuring and related charges	22.6		4.5			—
Acquisition and integration costs	6.4		25.4			—
Inventory purchase accounting adjustment, cost of sales	2.6		8.5			—
Gain from insurance proceeds related to Venezuela fire	—		(26.4		)	—
Accrual for clean-up costs related to destroyed facility in Venezuela	—		7.6			24.1
Operating Income	245.3		197.1			218.8
Less:
Interest Expense	84.4		78.6			85.3
Amortization of debt issuance costs	5.5		3.5			3.4
Loss on early extinguishment of debt	2.0		29.7			—
Foreign currency losses (gains), net	25.0		3.7			2.8
Miscellaneous, net	1.2		1.0			1.2
Income from continuing operations before income taxes	$	127.2	$	80.6		$	126.1

^(a)Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment.

As of December 31, 2014, the Company had operations established in 24 countries outside of the U.S. and its products are sold throughout the world. Generally, net sales by geographic area are presented by attributing revenues from external customers on the basis of where the products are sold. Walmart and its affiliates worldwide accounted for approximately 16%, 20% and 22% of the Company’s worldwide net sales in 2014, 2013 and 2012, respectively.

F-53

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The Company expects that Walmart and a small number of other customers will, in the aggregate, continue to account for a large portion of the Company’s net sales. As is customary in the consumer products industry, none of the Company’s customers is under an obligation to continue purchasing products from the Company in the future.

In the tables below, certain prior year amounts have been reclassified to conform to the current period’s presentation.

	Year Ended December 31,
	2014			2013			2012
Geographic area:
Net sales:
United States	$	1,021.9	53%	$	832.8	56%	$	799.8	57%
Outside of the United States	919.1		47%	661.9		44%	596.6		43%
	$	1,941.0		$	1,494.7		$	1,396.4

	December 31, 2014			December 31, 2013
Long-lived assets, net:
United States	$	845.5	76%	$	837.0	73%
Outside of the United States	271.7		24%	315.1		27%
	$	1,117.2		$	1,152.1

	Year Ended December 31,
	2014			2013			2012
Classes of similar products:
Net sales:
Color cosmetics	$	1,032.4	53%	$	926.4	62%	$	913.0	65%
Hair care	545.0		28%	263.9		18%	191.1		14%
Beauty care and fragrance	363.6		19%	304.4		20%	292.3		21%
	$	1,941.0		$	1,494.7		$	1,396.4

19. COMMITMENTS AND CONTINGENCIES

Products Corporation currently leases manufacturing, executive, research and development, and sales facilities and various types of equipment under operating and capital lease agreements. Rental expense was $26.6 million, $19.8 million and $16.2 million for 2014, 2013 and 2012, respectively. Minimum rental commitments under all noncancelable leases, including those pertaining to idled facilities, are presented below.

Minimum Rental Commitments	Total		2015		2016		2017		2018		2019		Thereafter
Capital leases	$	7.7	$	3.7	$	2.7	$	1.0	$	0.2	$	0.1	$	—
Operating leases	146.2		25.7		20.1		16.0		13.8		11.9		58.7

The Company is involved in various routine legal proceedings incidental to the ordinary course of its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is not reasonably likely to have a material adverse effect on the Company’s business, financial condition and/or its results of operations. However, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period.

F-54

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

20. RELATED PARTY TRANSACTIONS

As of December 31, 2014, MacAndrews & Forbes beneficially owned approximately 78% of Revlon, Inc.'s Class A Common Stock representing approximately 78% of Revlon, Inc.’s outstanding shares of voting capital stock. Revlon, Inc. in turn directly owns all 5,260 outstanding shares of Products Corporation's common stock. As a result, MacAndrews & Forbes is able to elect the entire Board of Directors of Revlon, Inc. and Products Corporation and control the vote on all matters submitted to a vote of Revlon, Inc.'s and Products Corporation's stockholders. MacAndrews & Forbes is wholly-owned by Ronald O. Perelman, Chairman of Revlon, Inc.’s and Products Corporation's Board of Directors.

Transfer Agreements

In June 1992, Revlon, Inc. and Products Corporation entered into an asset transfer agreement with Revlon Holdings LLC, a Delaware limited liability company and formerly a Delaware corporation known as Revlon Holdings Inc. ("Revlon Holdings"), and which is an affiliate and an indirect wholly-owned subsidiary of MacAndrews & Forbes, and certain of Revlon Holdings’ wholly-owned subsidiaries. Revlon, Inc. and Products Corporation also entered into a real property asset transfer agreement with Revlon Holdings. Pursuant to such agreements, in June 1992, Revlon Holdings transferred certain assets to Products Corporation and Products Corporation assumed all of the liabilities of Revlon Holdings, other than certain specifically excluded assets and liabilities (the liabilities excluded are referred to as the "Excluded Liabilities"). Certain consumer products lines sold in demonstrator-assisted distribution channels considered not integral to the Company's business and that historically had not been profitable and certain other assets and liabilities were retained by Revlon Holdings. Revlon Holdings agreed to indemnify Revlon, Inc. and Products Corporation against losses arising from the Excluded Liabilities, and Revlon, Inc. and Products Corporation agreed to indemnify Revlon Holdings against losses arising from the liabilities assumed by Products Corporation. The amounts reimbursed by Revlon Holdings to Products Corporation for the Excluded Liabilities was $0.2 million for each of 2014 and 2013, and $0.3 million for 2012. A $0.1 million receivable balance from MacAndrews & Forbes was included within prepaid expenses and other in the Company’s Consolidated Balance Sheets for transactions subject to the Transfer Agreements, at December 31, 2014 and 2013.

Reimbursement Agreements

Revlon, Inc., Products Corporation and MacAndrews & Forbes Inc. (a wholly-owned subsidiary of MacAndrews & Forbes) have entered into reimbursement agreements (the "Reimbursement Agreements") pursuant to which (i) MacAndrews & Forbes Inc. is obligated to provide (directly or through its affiliates) certain professional and administrative services, including, without limitation, employees, to Revlon, Inc. and its subsidiaries, including, without limitation, Products Corporation, and to purchase services from third party providers, such as insurance, legal, accounting and air transportation services, on behalf of Revlon, Inc. and its subsidiaries, including Products Corporation, to the extent requested by Products Corporation, and (ii) Products Corporation is obligated to provide certain professional and administrative services, including, without limitation, employees, to MacAndrews & Forbes and to purchase services from third party providers, such as insurance, legal and accounting services, on behalf of MacAndrews & Forbes to the extent requested by MacAndrews & Forbes, provided that in each case the performance of such services does not cause an unreasonable burden to MacAndrews & Forbes or Products Corporation, as the case may be.

The Company reimburses MacAndrews & Forbes for the allocable costs of the services purchased for or provided by MacAndrews & Forbes to the Company and its subsidiaries and for the reasonable out-of-pocket expenses incurred by MacAndrews & Forbes in connection with the provision of such services. MacAndrews & Forbes reimburses Products Corporation for the allocable costs of the services purchased for or provided by Products Corporation to MacAndrews & Forbes and for the reasonable out-of-pocket expenses incurred in connection with the purchase or provision of such services. Each of the Company, on the one hand, and MacAndrews & Forbes Inc., on the other, has agreed to indemnify the other party for losses arising out of the services provided by it under the Reimbursement Agreements, other than losses resulting from its willful misconduct or gross negligence.

The Reimbursement Agreements may be terminated by either party on 90 days' notice. The Company does not intend to request services under the Reimbursement Agreements unless their costs would be at least as favorable to the Company as could be obtained from unaffiliated third parties.

Revlon Inc., and the Company participate in MacAndrews & Forbes' directors and officers liability insurance program (the “D&O Insurance Program”), as well as its other insurance coverages, such as property damage, business interruption, liability and other coverages, which cover Revlon, Inc. and the Company, as well as MacAndrews & Forbes and its subsidiaries. The limits of coverage for certain of the policies are available on an aggregate basis for losses to any or all of the participating companies and their respective directors and officers. The Company reimburses MacAndrews & Forbes from time to time for their allocable portion of the premiums for such coverage or the Company pays the insurers directly, which premiums the Company believes are more favorable than the premiums the Company would pay were it to secure stand-alone coverage. Any amounts paid by the Company directly to MacAndrews & Forbes in respect of premiums are included in the amounts paid under the Reimbursement Agreements.

F-55

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

The net activity related to services provided and/or (purchased) under the Reimbursement Agreements during 2014 was $(3.8) million, which primarily included partial payments made by the Company to MacAndrews & Forbes during the first quarter of 2014 for premiums related to the Company's allocable portion of the 5-year renewal of the D&O Insurance Program for the period from January 31, 2012 through January 31, 2017. The net activity related to services provided and/or (purchased) under the Reimbursement Agreements during 2013 was $(6.1) million, which primarily included a $6.1 million partial payment made by the Company to MacAndrews & Forbes during the first quarter of 2013 for premiums related to the Company's allocable portion of the 5-year renewal of the D&O Insurance Program for the period from January 31, 2012 through January 31, 2017. The net activity related to services provided and/or purchased under the Reimbursement Agreements during 2012 was $(14.9) million, which primarily included the initial $14.6 million partial pre-payment made by the Company to MacAndrews & Forbes during the first quarter of 2012 for premiums related to the Company’s allocable portion of the D&O Insurance Program. The receivable balances from MacAndrews & Forbes were nil at both December 31, 2014 and December 31, 2013 for transactions subject to the Reimbursement Agreements.

Tax Sharing Agreements

As a result of a debt-for-equity exchange transaction completed in March 2004 (the “2004 Revlon Exchange Transactions”), as of March 25, 2004, Revlon, Inc., Products Corporation and their U.S. subsidiaries were no longer included in the MacAndrews & Forbes Group for U.S. federal income tax purposes. See Note 16, “Income Taxes,” for further discussion on these agreements and related transactions in 2014, 2013 and 2012.

Other

Certain of Products Corporation’s debt obligations, including the Amended Credit Agreements and Products Corporation's 5¾% Senior Notes, have been, and may in the future be, supported by, among other things, subject to certain limited exceptions, all of the domestic subsidiaries of Products Corporation and, for the Amended Credit Agreements, guarantees from Revlon, Inc. The obligations under such guarantees are secured by, among other things, the capital stock of Products Corporation and, subject to certain limited exceptions, the capital stock of all of Products Corporation's domestic subsidiaries and 66% of the capital stock of Products Corporation's and its domestic subsidiaries' first-tier foreign subsidiaries. See Note 11, “Long Term Debt,” for a discussion of the terms of the Amended Credit Agreements and 5¾% Senior Notes.

F-56

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

21. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following is a summary of the Company’s unaudited quarterly results of operations for each of 2014 and 2013:

	Year Ended December 31, 2014
	1st Quarter			2nd Quarter		3rd Quarter		4th Quarter
Net sales	$	469.8		$	497.9	$	472.3	$	501.0
Gross profit	306.3			330.7		307.7		328.0
Income from continuing operations, net of taxes(a) (b)	10.2			15.9		15.8		4.1
(Loss) income from discontinued operations, net of taxes(c)	(3.2		)	3.7		0.4		0.4
Net income(a)(b)	7.0			19.6		16.2		4.5

	Year Ended December 31, 2013
	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Net sales	$	325.9		$	344.7		$	333.1		$	491.0
Gross profit	211.5			222.1			212.0			304.0
(Loss) income from continuing operations, net of taxes(d)(e)(f)	(1.9		)	29.5			11.5			(7.1		)
Loss from discontinued operations, net of taxes	(2.4		)	(2.4		)	(1.5		)	(24.1		)
Net (loss) income (d)(e)(f)	(4.3		)	27.1			10.0			(31.2		)

^(a)  Income from continuing operations and net income for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”).

^(b)  Income from continuing operations and net income for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation).

^(c)  (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations").

^(d)  (Loss) income from continuing operations and net loss for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”).

^(e)  (Loss) income from continuing operations and net (loss) income for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility.

^(f)  (Loss) from continuing operations and net loss for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes.

F-57

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

22. GUARANTOR FINANCIAL INFORMATION

Products Corporation’s 5¾% Senior Notes are fully and unconditionally guaranteed on a senior basis by Products Corporation’s domestic subsidiaries (other than certain immaterial subsidiaries) that guarantee Products Corporation’s obligations under its Amended Credit Agreements (the “Guarantor Subsidiaries”).

The following Condensed Consolidating Financial Statements present the financial information as of December 31, 2014 and December 31, 2013, and for the years ended December 31, 2014, 2013 and 2012 for (i) Products Corporation on a stand-alone basis; (ii) the Guarantor Subsidiaries on a stand-alone basis; (iii) the subsidiaries of Products Corporation that do not guarantee Products Corporation’s 5¾% Senior Notes (the “Non-Guarantor Subsidiaries”) on a stand-alone basis; and (iv) Products Corporation, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis. The Condensed Consolidating Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted for the applicable share of the subsidiary’s cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

Condensed Consolidating Balance Sheets
As of December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	104.2		$	88.1		$	83.0	$	—		$	275.3
Trade receivables, less allowances for doubtful accounts	87.8			39.7			111.4		—			238.9
Inventories	75.5			30.6			50.5		—			156.6
Deferred income taxes - current	46.2			—			12.2		—			58.4
Prepaid expenses and other	119.0			6.2			24.8		—			150.0
Intercompany receivables	992.5			630.0			129.6		(1,752.1		)	—
Investment in subsidiaries	562.8			(161.4		)	—		(401.4		)	—
Property, plant and equipment, net	112.4			28.0			71.6		—			212.0
Deferred income taxes - noncurrent	22.6			—			12.2		—			34.8
Goodwill	185.8			30.0			248.3		—			464.1
Intangible assets, net	53.2			164.6			110.0		—			327.8
Other assets	83.2			2.9			27.2		—			113.3
Total assets	$	2,445.2		$	858.7		$	880.8	$	(2,153.5	)	$	2,031.2
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	—		$	6.6	$	—		$	6.6
Current portion of long-term debt	31.5			—			—		—			31.5
Accounts payable	68.3			19.0			66.2		—			153.5
Accrued expenses and other	159.0			24.5			89.8		—			273.3
Intercompany payables	672.9			703.6			375.6		(1,752.1		)	—
Long-term debt	1,831.7			—			0.7		—			1,832.4
Other long-term liabilities	238.8			4.4			47.7		—			290.9
Total liabilities	3,002.2			751.5			586.6		(1,752.1		)	2,588.2
Stockholder’s deficiency	(557.0		)	107.2			294.2		(401.4		)	(557.0		)
Total liabilities and stockholder’s deficiency	$	2,445.2		$	858.7		$	880.8	$	(2,153.5	)	$	2,031.2

F-58

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Condensed Consolidating Balance Sheets
As of December 31, 2013
	Products Corporation (b)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries (a) (b)		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	141.3		$	0.8		$	102.0	$	—		$	244.1
Trade receivables, less allowances for doubtful accounts	88.7			24.5			140.3		—			253.5
Inventories	78.0			9.5			87.5		—			175.0
Deferred income taxes - current	52.5			—			12.6		—			65.1
Prepaid expenses and other	111.6			4.7			39.8		—			156.1
Intercompany receivables	1,051.3			614.5			474.1		(2,139.9		)	—
Investment in subsidiaries	589.7			(60.2		)	—		(529.5		)	—
Property, plant and equipment, net	86.7			0.6			108.6		—			195.9
Deferred income taxes - noncurrent	38.0			—			12.9		—			50.9
Goodwill	185.8			30.0			256.5		—			472.3
Intangible assets, net	57.4			0.3			302.4		—			360.1
Other assets	90.9			1.6			31.3		—			123.8
Total assets	$	2,571.9		$	626.3		$	1,568.0	$	(2,669.4	)	$	2,096.8
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	1.8		$	6.1	$	—		$	7.9
Current portion of long-term debt	65.4			—			—		—			65.4
Accounts payable	72.2			6.2			87.3		—			165.7
Accrued expenses and other	161.8			13.4			138.4		—			313.6
Intercompany payables	790.0			675.9			674.0		(2,139.9		)	—
Long-term debt	1,861.4			—			0.9		—			1,862.3
Other long-term liabilities	137.6			2.9			57.9		—			198.4
Total liabilities	3,088.4			700.2			964.6		(2,139.9		)	2,613.3
Stockholder’s deficiency	(516.5		)	(73.9		)	603.4		(529.5		)	(516.5		)
Total liabilities and stockholder’s deficiency	$	2,571.9		$	626.3		$	1,568.0	$	(2,669.4	)	$	2,096.8

^(a)  During the three months ended March 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

^(b)  In the second quarter of 2014, the Company retrospectively adjusted deferred taxes for an immaterial correction, as discussed in Note 1, Description of Business and Basis of Presentation. For the Guarantor financials, the correction also included moving certain tax balances from the Non-Guarantor's to Products Corporation's Balance Sheet as of December 31, 2013.

F-59

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	1,001.1		$	356.8		$	771.5		$	(188.4	)	$	1,941.0
Cost of sales	430.5			146.9			279.3			(188.4		)	668.3
Gross profit	570.6			209.9			492.2			—			1,272.7
Selling, general and administrative expenses	466.6			133.3			399.8			—			999.7
Acquisition and integration costs	6.4			—			—			—			6.4
Restructuring charges and other, net	2.9			3.3			15.1			—			21.3
Operating income	94.7			73.3			77.3			—			245.3
Other expenses (income):
Intercompany interest, net	(8.0		)	(0.4		)	8.4			—			—
Interest expense	83.6			0.1			0.7			—			84.4
Amortization of debt issuance costs	5.5			—			—			—			5.5
Loss on extinguishment of debt, net	2.0			—			—			—			2.0
Foreign currency (gains) losses, net	(3.1		)	(0.1		)	28.2			—			25.0
Miscellaneous, net	(48.0		)	(8.2		)	57.4			—			1.2
Other expenses (income), net	32.0			(8.6		)	94.7			—			118.1
Income (loss) from continuing operations before income taxes	62.7			81.9			(17.4		)	—			127.2
Provision for income taxes	85.8			(8.4		)	3.8			—			81.2
(Loss) income from continuing operations	(23.1		)	90.3			(21.2		)	—			46.0
Income (loss) from discontinued operations, net of taxes	0.2			—			1.1			—			1.3
Equity in income of subsidiaries	70.2			1.5			—			(71.7		)	—
Net income (loss)	$	47.3		$	91.8		$	(20.1	)	$	(71.7	)	$	47.3
Other comprehensive (loss) income	(93.4		)	9.3			(15.8		)	6.5			(93.4		)
Total comprehensive (loss) income	$	(46.1	)	$	101.1		$	(35.9	)	$	(65.2	)	$	(46.1	)

F-60

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2013
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	972.8		$	90.5		$	626.6		$	(195.2	)	$	1,494.7
Cost of sales	438.4			45.6			256.3			(195.2		)	545.1
Gross profit	534.4			44.9			370.3			—			949.6
Selling, general and administrative expenses	418.1			37.8			267.7			—			723.6
Acquisition and integration costs	24.2			—			1.2			—			25.4
Restructuring charges and other, net	—			0.4			3.1			—			3.5
Operating income	92.1			6.7			98.3			—			197.1
Other expenses (income):
Intercompany interest, net	(0.8		)	(0.6		)	6.2			—			4.8
Interest expense	72.9			0.3			0.6			—			73.8
Amortization of debt issuance costs	3.5			—			—			—			3.5
Loss on extinguishment of debt, net	29.7			—			—			—			29.7
Foreign currency losses (gains), net	3.2			1.3			(0.8		)	—			3.7
Miscellaneous, net	(2.4		)	(11.5		)	14.9			—			1.0
Other expenses (income), net	106.1			(10.5		)	20.9			—			116.5
(Loss) income from continuing operations before income taxes	(14.0		)	17.2			77.4			—			80.6
Provision for income taxes	39.9			0.3			8.4			—			48.6
(Loss) Income from continuing operations	(53.9		)	16.9			69.0			—			32.0
Income (loss) from discontinued operations, net of taxes	0.3			—			(30.7		)	—			(30.4		)
Equity in income of subsidiaries	55.2			24.6			—			(79.8		)	—
Net income (loss)	$	1.6		$	41.5		$	38.3		$	(79.8	)	$	1.6
Other comprehensive income (loss)	58.4			16.7			10.2			(26.9		)	58.4
Total comprehensive income (loss)	$	60.0		$	58.2		$	48.5		$	(106.7	)	$	60.0

F-61

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2012
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	929.9		$	113.6		$	546.4		$	(193.5	)	$	1,396.4
Cost of sales	418.6			53.7			215.0			(193.5		)	493.8
Gross profit	511.3			59.9			331.4			—			902.6
Selling, general and administrative expenses	397.2			47.3			218.8			—			663.3
Restructuring charges and other, net	1.2			0.7			18.6			—			20.5
Operating income	112.9			11.9			94.0			—			218.8
Other expenses (income):
Intercompany interest, net	0.8			(0.8		)	6.2			—			6.2
Interest expense	78.4			0.3			0.4			—			79.1
Amortization of debt issuance costs	3.4			—			—			—			3.4
Foreign currency (gains) losses, net	(0.4		)	0.5			2.7			—			2.8
Miscellaneous, net	(70.1		)	6.8			64.5			—			1.2
Other expenses, net	12.1			6.8			73.8			—			92.7
Income from continuing operations before income taxes	100.8			5.1			20.2			—			126.1
Provision for income taxes	25.0			8.9			10.9			—			44.8
Income (loss) from continuing operations	75.8			(3.8		)	9.3			—			81.3
Income (loss) from discontinued operations, net of taxes	0.4			—			(10.5		)	—			(10.1		)
Equity in income of subsidiaries	$	(5.0	)	$	(11.9	)	$	—		$	16.9		$	—
Net income	71.2			(15.7		)	(1.2		)	16.9			71.2
Other comprehensive (loss) income	$	(7.3	)	$	10.6		$	12.8		$	(23.4	)	$	(7.3	)
Total comprehensive income (loss)	$	63.9		$	(5.1	)	$	11.6		$	(6.5	)	$	63.9

F-62

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	77.3		$	78.0		$	18.7		$	—	$	174.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40.3		)	(2.4		)	(12.8		)	—		(55.5		)
Proceeds from the sale of certain assets	—			—			3.4			—		3.4
Net cash used in investing activities	(40.3		)	(2.4		)	(9.4		)	—		(52.1		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.2		)	(1.9		)	1.4			—		(4.7		)
Repayment of Non-Contributed Loan	(58.4		)	—			—			—		(58.4		)
Repayments under the Acquisition Term Loan	(7.0		)	—			—			—		(7.0		)
Payment of financing costs	(1.8		)	—			—			—		(1.8		)
Other financing activities	(2.7		)	—			(0.5		)	—		(3.2		)
Net cash (used in) provided by financing activities	(74.1		)	(1.9		)	0.9			—		(75.1		)
Effect of exchange rate changes on cash and cash equivalents	—			(0.1		)	(15.5		)	—		(15.6		)
Net (decrease) increase in cash and cash equivalents	(37.1		)	73.6			(5.3		)	—		31.2
Cash and cash equivalents at beginning of period (a)	141.3			14.5			88.3			—		244.1
Cash and cash equivalents at end of period	$	104.2		$	88.1		$	83.0		$	—	$	275.3

^(a) In January 2014, Colomer's U.S. subsidiaries became additional guarantors under Products Corporation's Amended Credit Agreements and 5¾% Senior Notes. Accordingly, for cash flow presentation purposes, the cash and cash equivalents at the beginning of the period associated with Colomer's U.S. subsidiaries have been reported under Guarantor Subsidiaries.

F-63

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2013
	Products Corporation			Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	76.9		$	4.6			$	41.8			$	—		$	123.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(21.1		)	(0.6		)	—	(6.9		)		—			(28.6		)
Business acquisition, net of cash and cash equivalents acquired	(627.6		)	—				—				—			(627.6		)
Insurance proceeds for property, plant and equipment	—			—				13.1				—			13.1
Proceeds from the sale of certain assets	0.3			—				3.4				—			3.7
Net cash (used in) provided by investing activities	(648.4		)	(0.6		)		9.6				—			(639.4		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(2.0		)	(3.2		)		(1.1		)		—			(6.3		)
Borrowings under the Acquisition Term Loan	698.3			—				—				—			698.3
Proceeds from the issuance of the 5¾% Senior Notes	500.0			—				—				—			500.0
Repayment of the 9¾% Senior Secured Notes	(330.0		)	—				—				—			(330.0		)
Repayment under the 2011 Term Loan Facility	(113.0		)	—				—				—			(113.0		)
Repayment of the Contributed Loan	(48.6		)	—				—				—			(48.6		)
Payment of financing costs	(48.8		)	—				—				—			(48.8		)
Other financing activities	(2.2		)	—				(0.4		)		—			(2.6		)
Net cash provided by (used in) financing activities	653.7			(3.2		)	—	(1.5		)	—	—		—	649.0
Effect of exchange rate changes on cash and cash equivalents	—			—				(5.1		)		—			(5.1		)
Net increase (decrease) in cash and cash equivalents	82.2			0.8			—	44.8			—	—		—	127.8
Cash and cash equivalents at beginning of period	59.1			—				57.2				—			116.3
Cash and cash equivalents at end of period	$	141.3		$	0.8		—	$	102.0		—	$	—	—	$	244.1

F-64

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2012
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	21.3		$	64.9		$	17.9		$	—	$	104.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(18.1		)	(0.4		)	(2.4		)	—		(20.9		)
Business acquisition, net of cash and cash equivalents acquired	—			(66.2		)	—			—		(66.2		)
Proceeds from the sale of certain assets	0.1			0.4			0.3			—		0.8
Net cash used in investing activities	(18.0		)	(66.2		)	(2.1		)	—		(86.3		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in short-term borrowings and overdraft	7.4			1.2			(2.3		)	—		6.3
Repayments under the 2011 Term Loan Facility	(8.0		)	—			—			—		(8.0		)
Payments of financing costs	(0.4		)	—			—			—		(0.4		)
Other financing activities	(0.9		)	—			(0.4		)	—		(1.3		)
Net cash (used in) provided by financing activities	(1.9		)	1.2			(2.7		)	—		(3.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.2			—		0.2
Net increase (decrease) in cash and cash equivalents	1.4			(0.1		)	13.3			—		14.6
Cash and cash equivalents at beginning of period	57.7			0.1			43.9			—		101.7
Cash and cash equivalents at end of period	$	59.1		$	—		$	57.2		$	—	$	116.3

F-65

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions)

SCHEDULE II

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2014, 2013 and 2012

(dollars in millions)

	Balance at Beginning of Year		Charged to Cost and Expenses		Other Deductions			Balance at End of Year
Allowance for Doubtful Accounts:
2014	$	4.2	$	8.4	$	(3.3	)	$	9.3
2013	3.5		1.6		(0.9		)	4.2
2012	3.2		0.6		(0.3		)	3.5
Allowance for Volume and Early Payment Discounts:
2014	$	12.1	$	84.7	$	(73.4	)	$	23.4
2013	14.6		57.6		(60.1		)	12.1
2012	15.7		58.4		(59.5		)	14.6
Allowance for Sales Returns:
2014	$	53.1	$	64.3	$	(72.0	)	$	45.4
2013	54.5		77.8		(79.2		)	53.1
2012	57.8		73.7		(77.0		)	54.5

F-66

S I G N A T U R E S

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: March 12, 2015

Revlon Consumer Products Corporation
(Registrant)
By: /s/ Lorenzo Delpani	By: /s/ Roberto Simon	By: /s/ Siobhan Anderson
Lorenzo Delpani	Roberto Simon	Siobhan Anderson
President,	Executive Vice President and	Vice President,
Chief Executive Officer and	Chief Financial Officer	Chief Accounting Officer,
Director		Corporate Controller, Treasurer
		and Investor Relations

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant on March 12, 2015 and in the capacities indicated.

Signature	Title
*	Chairman of the Board and Director
(Ronald O. Perelman)
*	Director
(Barry F. Schwartz)
*	Vice Chairman of the Board and Director
(David L. Kennedy)
*	Director
(Alan S. Bernikow)
*	Director
(Viet D. Dinh)

* Lucinda K. Treat, by signing her name hereto, does hereby sign this report on behalf of the directors of the registrant above whose typed names asterisks appear, pursuant to powers of attorney duly executed by such directors and filed with the Securities and Exchange Commission.

By: /s/ Lucinda K. Treat

Lucinda K. Treat

Attorney-in-fact

F-67

EX-21.1

Exhibit 21.1

SUBSIDIARIES OF THE REGISTRANT

Set forth below is a list of certain of the Registrant’s subsidiaries. Such subsidiaries are incorporated or organized in the jurisdictions indicated. Each of the listed subsidiaries is wholly owned by the Registrant, directly or indirectly, and all listed subsidiaries are included in the Registrant’s consolidated financial statements. The names of the Registrant’s remaining subsidiaries, if any, which may have been omitted from the following list, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

Domestic Subsidiaries

Almay, Inc., a Delaware corporation

Art & Science, Ltd., an Illinois corporation

Bari Cosmetics, Ltd., a Delaware corporation

Charles Revson Inc., a New York corporation

Beautyge Brands USA, Inc., a Delaware corporation

Beautyge U.S.A., Inc., a Delaware corporation

Creative Nail Design, Inc., a California corporation

North America Revsale Inc., a New York corporation

OPP Products, Inc., a Delaware corporation

PPI Two Corporation, a Delaware corporation

Realistic Roux Professional Products Inc., a Delaware corporation

Revlon Consumer Corp., a Delaware corporation

Revlon Development Corp., a Delaware corporation

Revlon Government Sales, Inc., a Delaware corporation

Revlon International Corporation, a Delaware corporation

Revlon Real Estate Corporation, a Delaware corporation

RIROS Corporation, a New York corporation

RIROS Group Inc., a Delaware corporation

Roux Laboratories, Inc., a New York corporation

Roux Properties Jacksonville, LLC, a Florida limited liability company

SinfulColors Inc., a Delaware corporation

Foreign Subsidiaries

American Crew Dominicana, S.r.l. (Domincan Republic)

Beautyge Andina S.A. (Peru)

Beautyge Beauty Group, S.L. (Spain)

Beautyge Denmark A/S (Demark)

Beautyge Brands France Holding SAS (France)

Beautyge France SAS (France)

Beautyge Germany GmbH (Germany)

Beautyge Italy S.p.A. (Italy)

Beautyge Logistics Services, S.L. (Spain)

Beautyge Mexico, S.A. de C.V. (Mexico)

Beautyge Netherlands B.V. (Netherlands)

Beautyge Participations, S.L. (Spain)

Beautyge Portugal – Produtos Cosméticos e Profissionais, Lda. (Portugal)

Beautyge Professional Limited (Ireland)

Beautyge RUS Joint Stock Company (Russia)

Beautyge, S.L. (Spain)

Beautyge Sweden AB (Sweden)

Beautyge U.K., Limited (United Kingdom)

Comercializadora Brendola, S.r.l. (Dominican Republic)

Corporación Rocosme 2012 C.A (Venezuela)

Européenne de Produits de Beauté S.A.S. (France)

Mota Diagonal, S.L. (Spain)

Exhibit 21.1

New Revlon Argentina S.A. (Argentina)

Productos Cosmeticos de Revlon, S.A. (Guatemala)

Professional Beauty Services S.A. (Luxembourg)

Promethean Insurance Limited (Bermuda)

Revlon Australia Pty Limited (Australia)

Revlon Beauty Products, S.L. (Spain)

Revlon B.V. (Netherlands)

Revlon Canada Inc. (Canada)

Revlon China Holdings Limited (Cayman Islands)

Revlon (Hong Kong) Limited (Hong Kong)

Revlon (Israel) Limited (Israel)

Revlon K.K. (Japan)

Revlon Ltda. (Brazil)

Revlon Manufacturing Ltd. (Bermuda)

Revlon Mauritius Ltd. (Mauritius)

Revlon New Zealand Limited (New Zealand)

Revlon Offshore Limited (Bermuda)

Revlon Overseas Corporation, C.A. (Venezuela)

Revlon Pension Trustee Company (U.K.) Limited (United Kingdom)

Revlon (Puerto Rico) Inc. (Puerto Rico)

Revlon, S.A. de C.V. (Mexico)

Revlon (Shanghai) Limited (China)

Revlon South Africa (Proprietary) Limited (South Africa)

Revlon (Suisse) S.A. (Switzerland)

Revlon Trading (Shanghai) Co., Ltd. (China)

Shanghai Revstar Cosmetics Marketing Services Limited (China)

YAE Artistic Packings Industry Ltd. (Israel)

YAE Press 2000 (1987) Ltd. (Israel)

EX-24.1

Exhibit 24.1

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Lucinda K. Treat, Michael T. Sheehan and Yossi Almani, or any one of them, each acting alone, his true and lawful attorney‑in‑fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, in connection with the REVLON CONSUMER PRODUCTS CORPORATION (the “Corporation”) Annual Report on Form 10‑K for the year ended December 31, 2014 (the “Form 10‑K”) under the Securities Exchange Act of 1934, as amended, including, without limiting the generality of the foregoing, to sign the Form 10‑K in the name and on behalf of the Corporation or on behalf of the undersigned as a director or officer of the Corporation, and any amendments to the Form 10‑K and any instrument, contract, document or other writing of or in connection with the Form 10‑K or amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, including this power of attorney, with the Securities and Exchange Commission and any applicable securities exchange or securities self-regulatory body, granting unto said attorneys‑in‑fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys‑in‑fact and agents, each acting alone, or their respective substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed these presents this 11th day of March, 2015.

/s/ Ronald O. Perelman

RONALD O. PERELMAN

EX-24.2

Exhibit 24.2

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Lucinda K. Treat, Michael T. Sheehan and Yossi Almani, or any one of them, each acting alone, his true and lawful attorney‑in‑fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, in connection with the REVLON CONSUMER PRODUCTS CORPORATION (the “Corporation”) Annual Report on Form 10‑K for the year ended December 31, 2014 (the “Form 10‑K”) under the Securities Exchange Act of 1934, as amended, including, without limiting the generality of the foregoing, to sign the Form 10‑K in the name and on behalf of the Corporation or on behalf of the undersigned as a director of the Corporation, and any amendments to the Form 10‑K and any instrument, contract, document or other writing of or in connection with the Form 10‑K or amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, including this power of attorney, with the Securities and Exchange Commission and any applicable securities exchange or securities self-regulatory body, granting unto said attorneys‑in‑fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys‑in‑fact and agents, each acting alone, or their respective substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed these presents this 11th day of March, 2015.

/s/ Barry F. Schwartz

BARRY F. SCHWARTZ

EX-24.3

Exhibit 24.3

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Lucinda K. Treat, Michael T. Sheehan and Yossi Almani, or any one of them, each acting alone, his true and lawful attorney‑in‑fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, in connection with the REVLON CONSUMER PRODUCTS CORPORATION (the “Corporation”) Annual Report on Form 10‑K for the year ended December 31, 2014 (the “Form 10‑K”) under the Securities Exchange Act of 1934, as amended, including, without limiting the generality of the foregoing, to sign the Form 10‑K in the name and on behalf of the Corporation or on behalf of the undersigned as a director of the Corporation, and any amendments to the Form 10‑K and any instrument, contract, document or other writing of or in connection with the Form 10‑K or amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, including this power of attorney, with the Securities and Exchange Commission and any applicable securities exchange or securities self-regulatory body, granting unto said attorneys‑in‑fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys‑in‑fact and agents, each acting alone, or their respective substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed these presents this 11th day of March, 2015.

/s/ Alan Bernikow

ALAN S. BERNIKOW

EX-24.4

Exhibit 24.4

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Lucinda K. Treat, Michael T. Sheehan and Yossi Almani, or any one of them, each acting alone, his true and lawful attorney‑in‑fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, in connection with the REVLON CONSUMER PRODUCTS CORPORATION (the “Corporation”) Annual Report on Form 10‑K for the year ended December 31, 2014 (the “Form 10‑K”) under the Securities Exchange Act of 1934, as amended, including, without limiting the generality of the foregoing, to sign the Form 10‑K in the name and on behalf of the Corporation or on behalf of the undersigned as a director of the Corporation, and any amendments to the Form 10‑K and any instrument, contract, document or other writing of or in connection with the Form 10‑K or amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, including this power of attorney, with the Securities and Exchange Commission and any applicable securities exchange or securities self-regulatory body, granting unto said attorneys‑in‑fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys‑in‑fact and agents, each acting alone, or their respective substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed these presents this 11th day of March, 2015.

/s/ David L. Kennedy

DAVID L. KENNEDY

EX-24.5

Exhibit 24.5

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Lucinda K. Treat, Michael T. Sheehan and Yossi Almani, or any one of them, each acting alone, his true and lawful attorney‑in‑fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, in connection with the REVLON CONSUMER PRODUCTS CORPORATION (the “Corporation”) Annual Report on Form 10‑K for the year ended December 31, 2014 (the “Form 10‑K”) under the Securities Exchange Act of 1934, as amended, including, without limiting the generality of the foregoing, to sign the Form 10‑K in the name and on behalf of the Corporation or on behalf of the undersigned as a director of the Corporation, and any amendments to the Form 10‑K and any instrument, contract, document or other writing of or in connection with the Form 10‑K or amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, including this power of attorney, with the Securities and Exchange Commission and any applicable securities exchange or securities self-regulatory body, granting unto said attorneys‑in‑fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys‑in‑fact and agents, each acting alone, or their respective substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed these presents this 11th day of March, 2015.

/s/ Viet D. Dinh

VIET D. DINH

EX-31.1

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Exhibit 31.1

CERTIFICATIONS

I, Lorenzo Delpani, certify that:

1. I have reviewed this quarterly report on Form 10-K (the "Report") of Revlon Consumer Products Corporation (the "Registrant");

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

(d) Disclosed in this Report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: March 12, 2015

/s/ Lorenzo Delpani            
Lorenzo Delpani
President and Chief Executive Officer

EX-31.2

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Exhibit 31.2

CERTIFICATIONS

I, Roberto Simon, certify that:

1. I have reviewed this quarterly report on Form 10-K (the "Report") of Revlon Consumer Products Corporation (the "Registrant");

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

(d) Disclosed in this Report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: March 12, 2015

/s/ Roberto Simon    

Roberto Simon

Executive Vice President and Chief Financial Officer

EX-32.1

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Revlon Consumer Products Corporation (the "Company") for the period ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Lorenzo Delpani, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Lorenzo Delpani        

Lorenzo Delpani

Chief Executive Officer

March 12, 2015

EX-32.2

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Revlon Consumer Products Corporation (the "Company") for the period ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Roberto Simon, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Roberto Simon            

Roberto Simon

Executive Vice President, Chief Financial Officer

and Chief Administrative Officer

March 12, 2015

XML

ACCRUED EXPENSES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Components of Accrued Expenses and Other

	December 31,
	2014		2013
Sales returns and allowances	$	70.6	$	91.5
Compensation and related benefits	66.8		74.5
Advertising and promotional costs	44.9		42.9
Taxes	23.3		28.4
Interest	11.0		13.8
Restructuring reserve	13.7		13.7
Other	43.0		48.8
	$	273.3	$	313.6

XML

BUSINESS COMBINATION - Schedule of Net Assets Acquired (Detail) (USD $) In Millions, unless otherwise specified	0 Months Ended		12 Months Ended
	Oct. 09, 2013		Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
Assets [Abstract]
Goodwill			464.1	472.3	[1]	$ 217.8
The Colomer Group Participations, S.L.
Assets [Abstract]
Cash and cash equivalents	36.9
Trade receivables	83.9
Inventories	75.1
Prepaid expenses and other	31.3
Property, plant and equipment	96.7
Intangible assets	298.1	[2]
Goodwill	253.3	[2],[3]
Deferred tax asset - non-current	53.1
Other assets	5.8	[3]
Total assets acquired	934.2
Liabilities [Abstract]
Accounts payable	48.0
Accrued expenses and other	65.6
Long-term debt	0.9
Long-term pension and other benefit plan liabilities	4.5
Deferred tax liability	125.4	[2]
Other long-term liabilities	25.3	[3]
Total liabilities assumed	269.7
Total consideration	664.5
Amounts Previously Recognized as of October 9, 2013 (Provisional)
Assets [Abstract]
Goodwill				474.7	[4]
Amounts Previously Recognized as of October 9, 2013 (Provisional) | The Colomer Group Participations, S.L.
Assets [Abstract]
Cash and cash equivalents	36.9	[5]
Trade receivables	83.9	[5]
Inventories	75.1	[5]
Prepaid expenses and other	31.3	[5]
Property, plant and equipment	96.7	[5]
Intangible assets	292.7	[2],[5]
Goodwill	255.7	[2],[3],[5]
Deferred tax asset - non-current	53.1	[5]
Other assets	1.9	[3],[5]
Total assets acquired	927.3	[5]
Liabilities [Abstract]
Accounts payable	48.0	[5]
Accrued expenses and other	65.6	[5]
Long-term debt	0.9	[5]
Long-term pension and other benefit plan liabilities	4.5	[5]
Deferred tax liability	123.3	[2],[5]
Other long-term liabilities	20.5	[3],[5]
Total liabilities assumed	262.8	[5]
Total consideration	664.5	[5]
Measurement Period Adjustments | The Colomer Group Participations, S.L.
Assets [Abstract]
Cash and cash equivalents	0
Trade receivables	0
Inventories	0
Prepaid expenses and other	0
Property, plant and equipment	0
Intangible assets	5.4	[2]
Goodwill	(2.4)	[2],[3]
Deferred tax asset - non-current	0
Other assets	3.9	[3]
Total assets acquired	6.9
Liabilities [Abstract]
Accounts payable	0
Accrued expenses and other	0
Long-term debt	0
Long-term pension and other benefit plan liabilities	0
Deferred tax liability	2.1	[2]
Other long-term liabilities	4.8	[3]
Total liabilities assumed	6.9
Total consideration	0
Net impact of measurement period adjustment related to purchase intangible asset on goodwill	(3.3)
Net impact of measurement period adjustment related to taxes on goodwill	$ 0.9
Customer relationships
Liabilities [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			17 years	16 years
Customer relationships | Maximum [Member] | The Colomer Group Participations, S.L.
Liabilities [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years
Customer relationships | Maximum [Member] | Amounts Previously Recognized as of October 9, 2013 (Provisional) | The Colomer Group Participations, S.L.
Liabilities [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

[2] The Measurement Period Adjustments to intangible assets, deferred tax liability and goodwill in the first quarter of 2014 related to a change in assumptions used to calculate the fair value of an acquired customer relationship intangible asset, which increased the intangible asset by $5.4 million and extended the life of the asset from 10 to 20 years, increased deferred tax liabilities by $2.1 million, and resulted in a net decrease to goodwill of $3.3 million.

[3] The Company recorded a $3.9 million income tax adjustment to the beginning tax balance within other assets and a $4.8 million adjustment to other long-term liabilities, resulting in a net increase to goodwill of $0.9 million.

[4] As previously reported in the Company's 2013 Form 10-K.

[5] As previously reported in the Company's 2013 Annual Report on Form 10-K

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QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

The following is a summary of the Company’s unaudited quarterly results of operations for each of 2014 and 2013:

	Year Ended December 31, 2014
	1st Quarter			2nd Quarter		3rd Quarter		4th Quarter
Net sales	$	469.8		$	497.9	$	472.3	$	501.0
Gross profit	306.3			330.7		307.7		328.0
Income from continuing operations, net of taxes(a) (b)	10.2			15.9		15.8		4.1
(Loss) income from discontinued operations, net of taxes(c)	(3.2		)	3.7		0.4		0.4
Net income(a)(b)	7.0			19.6		16.2		4.5

	Year Ended December 31, 2013
	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Net sales	$	325.9		$	344.7		$	333.1		$	491.0
Gross profit	211.5			222.1			212.0			304.0
(Loss) income from continuing operations, net of taxes(d)(e)(f)	(1.9		)	29.5			11.5			(7.1		)
Loss from discontinued operations, net of taxes	(2.4		)	(2.4		)	(1.5		)	(24.1		)
Net (loss) income (d)(e)(f)	(4.3		)	27.1			10.0			(31.2		)

^(a)  Income from continuing operations and net income for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”).

^(b)  Income from continuing operations and net income for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation).

^(c)  (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations").

^(d)  (Loss) income from continuing operations and net loss for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”).

^(e)  (Loss) income from continuing operations and net (loss) income for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility.

^(f)  (Loss) from continuing operations and net loss for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes.

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Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Feb. 26, 2014	Feb. 21, 2013	Feb. 20, 2013	Oct. 09, 2013	Dec. 22, 2013	Dec. 24, 2013	Feb. 08, 2013	Dec. 31, 2013
Debt Instrument [Line Items]
Aggregate principal amount outstanding	$ 1,868.7
2011 Term Loan
Debt Instrument [Line Items]
Aggregate principal amount outstanding	675.0	675.0	675.0	788.0
Acquisition Term Loan
Debt Instrument [Line Items]
Aggregate principal amount outstanding	693.0				700.0
Amended Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings available under credit facility	175.0					140.0
Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Aggregate principal amount outstanding	500.0						500.0	500.0
Stated interest rate (percent)	5.75%
Amended and Restated Senior Subordinated Term Loan Due 2014
Debt Instrument [Line Items]
Senior subordinated term loan	$ 0								$ 58.4

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BUSINESS COMBINATION - Schedule of Intangible Assets Acquired by Major Asset Category (Detail) (USD $) In Millions, unless otherwise specified	0 Months Ended	12 Months Ended
	Oct. 09, 2013	Dec. 31, 2014	Dec. 31, 2013
The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Purchased Intangible Assets	298.1
Trade Names | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Purchased Intangible Assets	109.4
Trade Names | Minimum | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Weighted Average Useful Life (in years)	5 years
Trade Names | Maximum | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Weighted Average Useful Life (in years)	20 years
Customer relationships
Business Acquisition [Line Items]
Weighted Average Useful Life (in years)		17 years	16 years
Customer relationships | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Purchased Intangible Assets	62.4
Customer relationships | Minimum | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Weighted Average Useful Life (in years)	15 years
Customer relationships | Maximum | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Weighted Average Useful Life (in years)	20 years
Licenses | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Purchased Intangible Assets	4.1
Weighted Average Useful Life (in years)	10 years
Internally developed IP | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Purchased Intangible Assets	13.6
Weighted Average Useful Life (in years)	10 years
Trade Names | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Indefinite-lived intangible assets	108.6

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Pension and Post-Retirement Benefits - Components of Net Periodic Benefit Costs (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net periodic benefit (income) costs:
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments			$ (1.5)
Defined Benefit Plan, Net Periodic Benefit Cost	(5.4)	(0.4)	3.9
Pension Plans
Net periodic benefit (income) costs:
Service cost	0.8	0.9	1.6
Interest cost	30.1	27.6	30.0
Expected return on plan assets	(41.3)	(38.3)	(35.2)
Amortization of actuarial loss	4.5	8.6	8.1
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments	0	0	(1.5)
Defined Benefit Plan Net Periodic Benefit Cost Before Portion Allocated To Affiliate	(5.9)	(1.2)	3.0
Defined Benefit Plan Net Periodic Benefit Cost Portion Allocated To Affiliate	(0.1)	(0.1)	(0.1)
Defined Benefit Plan, Net Periodic Benefit Cost	(6.0)	(1.3)	2.9
Other Post-Retirement Benefit Plans
Net periodic benefit (income) costs:
Service cost	0	0	0
Interest cost	0.5	0.6	0.7
Expected return on plan assets	0	0	0
Amortization of actuarial loss	0.1	0.4	0.3
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments	0	0	0
Defined Benefit Plan Net Periodic Benefit Cost Before Portion Allocated To Affiliate	0.6	1.0	1.0
Defined Benefit Plan Net Periodic Benefit Cost Portion Allocated To Affiliate	0	(0.1)	0
Defined Benefit Plan, Net Periodic Benefit Cost	$ 0.6	$ 0.9	$ 1.0

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Related Party Transactions - Additional Information (Details) (USD $) In Millions, except Share data, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2013	Oct. 31, 2009	Mar. 31, 2013	Mar. 31, 2012
Related Party Transaction [Line Items]
Percentage Ownership Of Outstanding Common Stock By Affiliate		78.00%
Common Stock, Shares, Issued					9,336,905
Reimbursement Agreements termination period by either party		90 days
Insurance program renewal period		5 years
Insurance program renewal term period	January 31, 2012 through January 31, 2017
Revlon Holdings [Member]
Related Party Transaction [Line Items]
Reimbursements from (to) related party		0.2	$ 0.3
Due from Related Parties		0.1
Reimbursement Agreement
Related Party Transaction [Line Items]
Reimbursements from (to) related party		(3.8)	(14.9)	(6.1)
Partial Pre Payment For Premiums Related To D And O Insurance Program						6.1	14.6
Due from Related Parties		0		$ 0
Class A Common Stock
Related Party Transaction [Line Items]
Percentage Ownership Of Outstanding Common Stock By Affiliate		78.00%
Common Stock, Shares, Issued		5,260		5,260

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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss as of December 31, 2014, 2013 and 2012 are as follows:

	Foreign Currency Translation			Actuarial (Loss) Gain on Post-retirement Benefits			Prior Service Cost on Post-retirement Benefits			Deferred Gain (Loss) - Hedging			Other			Accumulated Other Comprehensive Loss
Balance at January 1, 2012	$	24.8		$	(225.6	)	$	(0.1	)	$	—		$	—		$	(200.9	)
Unrealized gains (losses), net of tax of $1.0 million	(1.5		)	—			—			—			—			(1.5		)
Amortization of pension related costs, net of tax of $(1.0) million(a)(b)	—			9.4			—			—			—			9.4
Pension re-measurement, net of tax of $7.2 million	—			(15.4		)	—			—			—			(15.4		)
Pension curtailment gain(c)	—			0.1			0.1			—			—			0.2
Balance at December 31, 2012	$	23.3		$	(231.5	)	$	—		$	—		$	—		$	(208.2	)
Unrealized gains (losses), net of tax of $3.3 million	(4.1		)	—			—			—			—			(4.1		)
Amortization of pension related costs, net of tax of $(1.2) million(a)	—			7.7			—			—			—			7.7
Pension re-measurement, net of tax of $(33.5) million	—			53.3			—			—			—			53.3
Revaluation of derivative financial instrument, net of tax of $(1.0) million(d)	—			—			—			1.5			—			1.5
Balance at December 31, 2013	$	19.2		$	(170.5	)	$	—		$	1.5		$	—		$	(149.8	)
Currency translation adjustment, net of tax of $2.1 million	(24.6		)	—			—			—			—			(24.6		)
Amortization of pension related costs, net of tax of $(0.1) million(a)	—			4.5			—			—			—			4.5
Pension re-measurement, net of tax of $42.0 million	—			(69.6		)	—			—			—			(69.6		)
Revaluation of derivative financial instrument, net of tax of $2.3 million(d)	—			—			—			(3.7		)	—			(3.7		)
Other	—			0.3			—			—			(0.3		)	—
Other comprehensive loss	(24.6		)	(64.8		)	—			(3.7		)	(0.3		)	(93.4		)
Balance at December 31, 2014	$	(5.4	)	$	(235.3	)	$	—		$	(2.2	)	$	(0.3	)	$	(243.2	)

^(a)  Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

^(b)  Included in this amount is a $2.0 million reclassification adjustment recorded in the first quarter of 2012 related to deferred taxes on the amortization of actuarial losses.

^(c) As a result of the September 2012 Program,the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

^(d)   For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.

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RESTRUCTURING CHARGES (Tables)

12 Months Ended

Dec. 31, 2014

Restructuring Charges [Abstract]

Schedule of Restructuring Activities

A summary of the restructuring and related charges for the Integration Program incurred through 2014 and those expected to be incurred in 2015, are as follows:

	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits		Other		Total Restructuring Charges		Inventory Write-offs and Other Manufacturing-Related Costs (a)		Other Charges (b)		Total Restructuring and Related Charges
Charges incurred through December 31, 2014	$	17.3	$	1.6	$	18.9	$	0.6	$	0.6	$	20.1
Total expected charges	$	18.0	$	3.0	$	21.0	$	2.0	$	2.0	$	25.0

^(a)  Inventory write-offs and other manufacturing-related costs are recorded within cost of sales within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

^(b)  Other charges are recorded within SG&A expenses within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

A summary of the restructuring and related charges incurred during 2014 in connection with the December 2013 Program are as follows:

	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits			Other			Total Restructuring Charges			Allowances and Returns			Inventory Write-offs			Other Charges		Total Restructuring and Related Charges
Charges incurred through December 31, 2013	$	9.1		$	0.5		$	9.6		$	7.4		$	4.0		$	0.4	$	21.4
Adjustments recorded for the year ended December 31, 2014 (a)	(0.5		)	(0.2		)	(0.7		)	(0.9		)	(0.9		)	—		(2.5		)
Cumulative charges incurred through December 31, 2014	$	8.6		$	0.3		$	8.9		$	6.5		$	3.1		$	0.4	$	18.9
Total expected charges	$	8.6		$	0.3		$	8.9		$	6.5		$	3.1		$	0.4	$	18.9

^(a)  Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

Schedule of Restructuring Reserve by Type of Cost

The related liability balance and activity for each of the Company's restructuring programs as summarized above is presented as follows:

									Utilized, Net
	Balance Beginning of Year		(Income) Expense, Net			Foreign Currency Translation			Cash			Non-cash			Balance End of Year
2014
Integration Program:
Employee severance and other personnel benefits	$	—	$	17.3		$	(0.1	)	$	(7.6	)	$	—		$	9.6
Other	—		1.6			—			(1.2		)	(0.3		)	0.1
December 2013 Program:
Employee severance and other personnel benefits	9.0		(0.5		)	(0.2		)	(7.3		)	0.2			1.2
Other	0.5		(0.2		)	—			(0.3		)	—			—
September 2012 Program:
Employee severance and other personnel benefits	2.7		—			(0.1		)	(2.5		)	0.1			0.2
Other	1.5		—			—			(1.5		)	—			—
2014 Other immaterial actions:
Employee severance and other personnel benefits	—		5.0			(0.1		)	(2.0		)	—			2.9
Other	—		0.2			—			(0.2		)	—			—
Total restructuring reserve	$	13.7	$	23.4		$	(0.5	)	$	(22.6	)	$	—		$	14.0
Gain on sale of property, plant and equipment for 2014 other immaterial actions			(2.6		)
Portion of restructuring benefits recorded within income (loss) from discontinued operations (a)			0.5
Total restructuring charges and other, net, from continuing operations			$	21.3
2013
December 2013 Program:
Employee severance and other personnel benefits	$	—	$	9.1		$	—		$	(0.1	)	$	—		$	9.0
Other	—		0.5			—			—			—			0.5
September 2012 Program:
Employee severance and other personnel benefits	18.0		2.9			(0.1		)	(18.1		)	—			2.7
Other	0.9		2.3			—			(1.7		)	—			1.5
Lease exit	0.3		—			—			(0.3		)	—			—
Total restructuring reserve	$	19.2	14.8			$	(0.1	)	$	(20.2	)	$	—		$	13.7
Gain on sale of France facility			(2.5		)
Portion of restructuring charges recorded within (loss) income from discontinued operations (a)			(8.8		)
Total restructuring charges and other, net from continuing operations			$	3.5

^(a) Refer to Note 4, "Discontinued Operations" for additional information regarding the Company's exit of its business operations in China.

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Pension and Post-Retirement Benefits - Classification of Net Periodic Pension (Income) Costs (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit costs	$ (5.4)	$ (0.4)	$ 3.9
Cost of Sales
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit costs	(4.2)	(2.3)
SG&A Expenses
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit costs	(0.7)	2.4
Inventories
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit costs	$ (0.5)	$ (0.5)

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Fair Value Measurements - Schedule of Fair Values of Financial Liabilities (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Level 1
Liabilities:
Long-term debt, including current portion	$ 0	$ 0
Level 2
Liabilities:
Long-term debt, including current portion	1,844.0	1,931.9
Level 3
Liabilities:
Long-term debt, including current portion	0	0
Total
Liabilities:
Long-term debt, including current portion	1,844.0	1,931.9
Carrying Value
Liabilities:
Long-term debt, including current portion	$ 1,863.9	$ 1,927.7

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PENSION AND POST-RETIREMENT BENEFITS Saving Plans and Post Retirement Benefits - Estimated Future Benefit Payments (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Other Post-Retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	$ 0.8
Defined Benefit Plan, Expected Future Benefit Payments, Year Two	0.9
Defined Benefit Plan, Expected Future Benefit Payments, Year Three	0.9
Defined Benefit Plan, Expected Future Benefit Payments, Year Four	0.9
Defined Benefit Plan, Expected Future Benefit Payments, Year Five	0.9
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	4.6
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	41.3
Defined Benefit Plan, Expected Future Benefit Payments, Year Two	42.0
Defined Benefit Plan, Expected Future Benefit Payments, Year Three	42.9
Defined Benefit Plan, Expected Future Benefit Payments, Year Four	43.8
Defined Benefit Plan, Expected Future Benefit Payments, Year Five	44.4
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	$ 231.8

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BUSINESS COMBINATION - Additional Information (Detail) (The Colomer Group Participations, S.L., USD $) In Millions, unless otherwise specified	0 Months Ended
	Oct. 09, 2013
The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Effective date of acquisition	Oct. 09, 2013
Total consideration	$ 664.5

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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Schedule II - Valuation and Qualifying Accounts (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowances and Reserves, Balance	$ 9.3	$ 4.2	$ 3.5	$ 3.2
Valuation Allowances and Reserves, Charged to Cost and Expense	8.4	1.6	0.6
Valuation Allowances and Reserves, Deductions	(3.3)	(0.9)	(0.3)
Allowance For Volume And Early Payment Discount [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowances and Reserves, Balance	23.4	12.1	14.6	15.7
Valuation Allowances and Reserves, Charged to Cost and Expense	84.7	57.6	58.4
Valuation Allowances and Reserves, Deductions	(73.4)	(60.1)	(59.5)
Allowance for Sales Returns [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowances and Reserves, Balance	45.4	53.1	54.5	57.8
Valuation Allowances and Reserves, Charged to Cost and Expense	64.3	77.8	73.7
Valuation Allowances and Reserves, Deductions	$ (72.0)	$ (79.2)	$ (77.0)

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Financial Instruments - Effects of Derivative Financial Instruments on Income and Other Comprehensive Income (Loss) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	$ (3.7)	[1],[2]	$ 1.5	[1],[2]	$ 0	[1]
Derivative financial instruments, net of tax (benefit) expense	(2.3)		1.0		0
Foreign exchange contracts | Not Designated as Hedging Instrument | Foreign Currency Gain (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency gain (loss), net	0.5		2.2		(1.9)
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	$ (3.7)		$ 1.5		$ 0

[1] Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively.

[2] (d) For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.

XML

PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Fair Value of Pension Plan Assets (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 567.7	$ 557.6
United States Pension Plan of US Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	496.1	492.5
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 71.6	$ 65.1

XML

PENSION AND POST-RETIREMENT BENEFITS Summary of Amounts Recognized in Respect to Pension Plans and Other Post-retirement Benefit Plans (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Other assets	$ 113.3	$ 123.8	[1]
Other Liabilities, Current	(273.3)	(313.6)	[1]
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent	(200.9)	(118.3)	[1]
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	280.1
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax	43.6
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party	(1.2)
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	235.3
Defined Benefit Plan, Fair Value of Plan Assets	567.7	557.6
Pension And Other Postretirement Benefit Plans Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Due from Affiliates	3.1	2.6
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Expected Actuarial Losses Gains And Prior Service Costs To Be Recognized In Net Periodic Benefit Cost In Subsequent Fiscal Year	8.2
Defined Benefit Plan, Benefit Obligation	761.7	668.2		744.6
Other assets	0.8	0
Other Liabilities, Current	(6.1)	(5.9)
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent	(188.7)	(104.7)
Defined Benefit Plan, Funded Status of Plan	(194.0)	(110.6)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	277.6	170.1
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax	43.7	1.8
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party	(1.0)	(0.7)
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	232.9	167.6
Defined Benefit Plan, Accumulated Benefit Obligation	761.0	667.3
Defined Benefit Plan, Fair Value of Plan Assets	567.7	557.6		520.2
Other Post-Retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Expected Actuarial Losses Gains And Prior Service Costs To Be Recognized In Net Periodic Benefit Cost In Subsequent Fiscal Year	0.1
Defined Benefit Plan, Benefit Obligation	12.9	14.4		16.5
Other assets	0	0
Other Liabilities, Current	(0.7)	(0.8)
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent	(12.2)	(13.6)
Defined Benefit Plan, Funded Status of Plan	(12.9)	(14.4)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	2.5	2.8
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax	(0.1)	(0.1)
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party	(0.2)	0
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	2.4	2.9
Defined Benefit Plan, Fair Value of Plan Assets	$ 0	$ 0		$ 0

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

XML

PENSION AND POST-RETIREMENT BENEFITS Saving Plans and Post Retirement Benefits - Fair Value of Asset Categories (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 567.7		$ 557.6
Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	146.0		148.2
Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	421.7		407.5
Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		1.9
Group Annuity Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	2.8		2.6
Group Annuity Contract [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0
Group Annuity Contract [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	2.8		2.6
Group Annuity Contract [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0
Corporate Bond Securities [Member] | Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	17.5	[1]	24.4	[1]
Corporate Bond Securities [Member] | Mutual Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	17.5	[1]	24.4	[1]
Corporate Bond Securities [Member] | Mutual Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Corporate Bond Securities [Member] | Mutual Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Corporate Bond Securities [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	55.0		46.1
Corporate Bond Securities [Member] | Fixed Income Securities [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0.1		0
Corporate Bond Securities [Member] | Fixed Income Securities [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	54.9		45.8
Corporate Bond Securities [Member] | Fixed Income Securities [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0.3
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	75.4	[1]	53.7	[1]
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	75.4	[1]	53.7	[1]
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Corporate Bond Securities [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6.8	[1]	11.8	[1]
Corporate Bond Securities [Member] | Hedge Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Corporate Bond Securities [Member] | Hedge Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6.8	[1]	11.8	[1]
Corporate Bond Securities [Member] | Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Government Bond [Member] | Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	13.6	[1]	15.1	[1]
Government Bond [Member] | Mutual Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	13.6	[1]	15.1	[1]
Government Bond [Member] | Mutual Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Government Bond [Member] | Mutual Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Government Bond [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	10.9		9.6
Government Bond [Member] | Fixed Income Securities [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0
Government Bond [Member] | Fixed Income Securities [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	10.9		8.0
Government Bond [Member] | Fixed Income Securities [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		1.6
Government Bond [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	60.0	[1]	69.8	[1]
Government Bond [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Government Bond [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	60.0	[1]	69.8	[1]
Government Bond [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Government Bond [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	(8.8)	[1]	24.5	[1]
Government Bond [Member] | Hedge Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Government Bond [Member] | Hedge Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	(8.8)	[1]	24.5	[1]
Government Bond [Member] | Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Us Large Cap Equity Securities [Member] | Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	68.5	[1]	68.7	[1]
Us Large Cap Equity Securities [Member] | Mutual Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	68.5	[1]	68.7	[1]
Us Large Cap Equity Securities [Member] | Mutual Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Us Large Cap Equity Securities [Member] | Mutual Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	24.3	[1]	33.8	[1]
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	24.3	[1]	33.8	[1]
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Us Large Cap Equity Securities [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	9.1	[1]	4.3	[1]
Us Large Cap Equity Securities [Member] | Hedge Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Us Large Cap Equity Securities [Member] | Hedge Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	9.1	[1]	4.3	[1]
Us Large Cap Equity Securities [Member] | Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
International Equity [Member] | Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	7.3	[1]	4.3	[1]
International Equity [Member] | Mutual Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	7.3	[1]	4.3	[1]
International Equity [Member] | Mutual Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
International Equity [Member] | Mutual Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
International Equity [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	89.9	[1]	92.1	[1]
International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	89.9	[1]	92.1	[1]
International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
International Equity [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	15.9	[1]	6.1	[1]
International Equity [Member] | Hedge Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
International Equity [Member] | Hedge Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	15.9	[1]	6.1	[1]
International Equity [Member] | Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Emerging Markets International Equity [Member] | Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6.1	[1]	4.2	[1]
Emerging Markets International Equity [Member] | Mutual Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6.1	[1]	4.2	[1]
Emerging Markets International Equity [Member] | Mutual Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Emerging Markets International Equity [Member] | Mutual Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	17.6	[1]	17.3	[1]
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	17.6	[1]	17.3	[1]
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Emerging Markets International Equity [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	4.1	[1]
Emerging Markets International Equity [Member] | Hedge Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]
Emerging Markets International Equity [Member] | Hedge Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	4.1	[1]
Emerging Markets International Equity [Member] | Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]
Other Plan Assets [Member] | Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3.1	[1]	0.9	[1]
Other Plan Assets [Member] | Mutual Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3.1	[1]	0.9	[1]
Other Plan Assets [Member] | Mutual Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Other Plan Assets [Member] | Mutual Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3.1	[1]	2.9	[1]
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3.1	[1]	2.9	[1]
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Other Plan Assets [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	4.2	[1]	4.1	[1]
Other Plan Assets [Member] | Hedge Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Other Plan Assets [Member] | Hedge Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	4.2	[1]	4.1	[1]
Other Plan Assets [Member] | Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	9.3		7.5
Cash and Cash Equivalents [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	9.3		7.5
Cash and Cash Equivalents [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0
Cash and Cash Equivalents [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3.7	[1]	2.0	[1]
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3.7	[1]	2.0	[1]
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Cash and Cash Equivalents [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	26.8	[1]	5.7	[1]
Cash and Cash Equivalents [Member] | Hedge Funds [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
Cash and Cash Equivalents [Member] | Hedge Funds [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	26.8	[1]	5.7	[1]
Cash and Cash Equivalents [Member] | Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
U S Small Mid Cap Equity [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	20.5		23.1
U S Small Mid Cap Equity [Member] | Equity Securities [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	20.5		23.1
U S Small Mid Cap Equity [Member] | Equity Securities [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0
U S Small Mid Cap Equity [Member] | Equity Securities [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0		0
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	21.0	[1]	23.0	[1]
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	[1]	0	[1]
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	21.0	[1]	23.0	[1]
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 0	[1]	$ 0	[1]

[1] (a) The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

XML

Pension and Post-Retirement Benefits - Additional Information (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended				1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012 plan		Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Curtailments			$ 1.7
Net periodic benefit costs	(5.4)	(0.4)	3.9
Expected contributions to benefit plans	20
Pension curtailment gain	0	0	0.2	[1]
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments			1.5
Number of Qualified Defined Benefit Pension Plans Merged During Period			2
Number of Qualified Defined Benefit Pension Plans Covering Substantial Portion of Company's Employees in the U.S.			2
Cost of Sales
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit costs	(4.2)	(2.3)
SG&A Expenses
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit costs	(0.7)	2.4
Inventories
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit costs	(0.5)	(0.5)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit costs	(6.0)	(1.3)	2.9
Contributions made to benefit plans	18.2	17.7
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments	0	0	1.5
Other Post-Retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit costs	0.6	0.9	1.0
Contributions made to benefit plans	0.7	0.8
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments	0	0	0
Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	6.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Defined Contributions Plan Employer Matching Cash Contributions	2.4
Defined Contribution Plan, Employer Discretionary Contribution Amount	4.0	4.1	3.9
Defined Contribution Plan Discretionary Contribution Paid	3.1	3.2	3.0		0.9	0.9
Defined Contribution Plan Employer Discretionary Contribution Percentage	3.00%	3.00%	3.00%
Savings Plan [Member] | Non Highly Compensated Participants [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan Employee Maximum Contribution Percentage	25.00%
Savings Plan [Member] | Highly Compensated Participants [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan Employee Maximum Contribution Percentage	6.00%
Subsequent Event [Member] | Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan Discretionary Contribution Paid							$ 0.9

[1] As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

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Long-Term Debt - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended		3 Months Ended		12 Months Ended				17 Months Ended	0 Months Ended	15 Months Ended		26 Months Ended	0 Months Ended			2 Months Ended		10 Months Ended	21 Months Ended	22 Months Ended	1 Months Ended	0 Months Ended
	Oct. 31, 2013	Jul. 31, 2008	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2014	Oct. 09, 2013	Dec. 31, 2014	Dec. 31, 2014	Aug. 13, 2013	Feb. 08, 2013	Feb. 10, 2013	Feb. 21, 2013	Feb. 25, 2014	Feb. 27, 2014	Dec. 31, 2014	Feb. 21, 2013	Dec. 31, 2014	Jan. 31, 2008	Apr. 10, 2015	Oct. 31, 2009	Dec. 22, 2013	Dec. 24, 2013	Sep. 06, 2013	Feb. 26, 2014	Feb. 20, 2013	Sep. 30, 2008
Debt Instrument [Line Items]
Aggregate Amount Of Other Restricted Payments									$ 35
Current portion of long-term debt					31.5	65.4	[1]		31.5		31.5	31.5							31.5		31.5
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months					31.5				31.5		31.5	31.5							31.5		31.5
Short-term borrowings					6.6	7.9	[1]		6.6		6.6	6.6							6.6		6.6
Aggregate principal amount outstanding					1,868.7				1,868.7		1,868.7	1,868.7							1,868.7		1,868.7
Repayments of Related Party Debt	48.6
Exchange Offer Price Per Share																								$ 5.21
Common Stock, Shares, Issued																								9,336,905
Proceeds from Divestiture of Businesses		63.0
Preferred Stock, Par or Stated Value Per Share					$ 1.00	$ 1.00			$ 1.00		$ 1.00	$ 1.00		$ 0.01					$ 1.00		$ 1.00
Preferred Stock, Shares Issued					546	546			546		546	546							546		546
Preferred Stock, Liquidation Preference Per Share					$ 100,000				$ 100,000		$ 100,000	$ 100,000							$ 100,000		$ 100,000
Loss on early extinguishment of debt			1.9	27.9	2.0	29.7		0
Fixed Rate Of Non Contributed Loan																								12.00%
Standby and trade letters of credit for various corporate purposes					9.0	9.9			9.0		9.0	9.0							9.0		9.0
Percentage Of Voting Capital Stock					66.00%
Percentage Of Non Voting Capital Stock					100.00%
Maximum Amount Of Restricted Payments To Affiliates									10
Maximum Consideration For Affiliate Transactions									10
Maximum Aggregate Payments Related To Affiliates									20
Aggregate Principal Amount Default					50.0				50.0		50.0	50.0							50.0		50.0
Capital Stock Ownership									100.00%
Voting Power Ownership Percentage					35.00%				35.00%		35.00%	35.00%							35.00%		35.00%
Acquisition Term Loan
Debt Instrument [Line Items]
Aggregate principal amount outstanding					693.0				693.0	700.0	693.0	693.0							693.0		693.0
Proceeds from Issuance of Senior Long-term Debt										698.3
Basis spread on variable rate (percent)												3.00%
Variable rate floor (percent)												1.00%
Floor on alternate base rate (percent)												2.00%
Repayments of Long-term Debt					7.0	0		0
debt repayment percentage											0.25%
Amended Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings available under credit facility					175.0				175.0		175.0	175.0							175.0		175.0				140.0
Line of Credit Facility, Current Borrowing Capacity					175.0				175.0		175.0	175.0							175.0		175.0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage									0.25%				0.375%
Foreign Lenders Fronting Fee									0.25%
Foreign Lenders Administrative Fee									0.25%
Letter Of Credit Fronting Fee									0.25%
Line Of Credit Facility Additional Borrowing Capacity					100.0				100.0		100.0	100.0							100.0		100.0
Debt Covenant Line Of Credit Facility Amount Outstanding Threshold					20.0				20.0		20.0	20.0							20.0		20.0
Term Of Business Days									30 days
Consolidated Fixed Charge Coverage Ratio					100.00%				100.00%		100.00%	100.00%							100.00%		100.00%
Debt Covenant, Number of Consecutive Days with Line of Credit Facility Amount Outstanding Under Threshold									2 days
Extended Maturity Date, Number of Days Prior to the Earliest Maturity Date of any Term Loans Outstanding									90 days
Standby and trade letters of credit for various corporate purposes					9.0				9.0		9.0	9.0							9.0		9.0
Revolving credit facility					0	0			0		0	0							0		0
Remaining borrowing capacity					166.0				166.0		166.0	166.0							166.0		166.0
Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Aggregate principal amount outstanding					500.0				500.0		500.0	500.0		500.0					500.0		500.0					500.0
Proceeds from Issuance of Senior Long-term Debt														491.2
Debt issuance cost						28.0
Stated interest rate (percent)					5.75%				5.75%		5.75%	5.75%							5.75%		5.75%
Maximum redemption					35.00%				35.00%		35.00%	35.00%							35.00%		35.00%
Change of control percentage repurchase					101.00%				101.00%		101.00%	101.00%							101.00%		101.00%
Days to file registration statement					150 days
Days for registration to become effective					210 days
Days to affect an exchange offer					270 days
Days following failure					90 days
Additional Interest					0.25%				0.25%		0.25%	0.25%							0.25%		0.25%
Additional interest after 90 days					0.25%				0.25%		0.25%	0.25%							0.25%		0.25%
Subsequent failure period					90 days
Maximum additional interest					0.50%				0.50%		0.50%	0.50%							0.50%		0.50%
Debt Instrument, Interest Rate, Effective Percentage					5.75%				5.75%		5.75%	5.75%							5.75%		5.75%				6.25%		5.75%
Additional interest under Registration Rights Agreement					0.4
Financing Costs						19.4
9 3/4% Senior Secured Notes Due 2015
Debt Instrument [Line Items]
Repayments of Long-term Debt					0	330.0		0							330.0
Debt Instrument Accrued Interest														8.6
2011 Term Loan
Debt Instrument [Line Items]
Current portion of long-term debt					31.5				31.5		31.5	31.5							31.5		31.5
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months					1.7				1.7		1.7	1.7							1.7		1.7
Aggregate principal amount outstanding					675.0				675.0		675.0	675.0				675.0			675.0	675.0	675.0							675.0	788.0
Basis spread on variable rate (percent)																	3.00%		2.50%	3.50%	3.00%
Variable rate floor (percent)																	1.00%		0.75%
Basis spread on alternative base rate (percent)												2.00%					2.00%		1.50%	2.50%	2.00%
Debt Instrument Additional Borrowing Capacity Amount																													300
Floor on alternate base rate (percent)																		2.00%	1.75%
Repayments of Long-term Debt					0	113.0		8.0								113.0
Repayments of Debt					1.8
Contributed Loan
Debt Instrument [Line Items]
Repayments of Long-term Debt					0	48.6		0
Amended Term Loan Facility
Debt Instrument [Line Items]
Leverage Ratio					3.50				3.50		3.50	3.50							3.50		3.50
Debt Instrument Additional Borrowing Capacity Amount					300				300		300	300							300		300
Amended and Restated Senior Subordinated Term Loan Due 2014
Debt Instrument [Line Items]
Write off of deferred debt issuance cost					0.1
Subordinated Debt					58.4
Senior Subordinated Term Loan Due 2013
Debt Instrument [Line Items]
Stated interest rate (percent)																								12.75%
Spanish Government Loan Due 2025
Debt Instrument [Line Items]
Other Long-term Debt					0.7	0.9			0.7		0.7	0.7							0.7		0.7
Number of Equal Installment Payments					10
February 2014 Term Loan Amendment | 2011 Term Loan
Debt Instrument [Line Items]
Debt issuance cost					1.1
Write off of deferred debt issuance cost					0.8
Loss on early extinguishment of debt					1.9
Minimum | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percent)									1.50%				2.00%
Minimum | 2011 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (percent)																				1.25%	1.00%
Basis spread on alternative base rate (percent)																				2.25%	2.00%
Maximum | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percent)									2.00%				2.50%
Senior Subordinated Term Loan Due 2014
Debt Instrument [Line Items]
Aggregate principal amount outstanding																														107.0
Proceeds from Issuance of Senior Long-term Debt																						170.0
Partial Repayment Of Senior Subordinated Term Loan																														63.0
Amended Term Loan Facility
Debt Instrument [Line Items]
Leverage Ratio					4.25				4.25		4.25	4.25							4.25		4.25
Net Proceeds On Sale Of Collateral In Excess Amount																					10
Maximum Carryover Of Unused Basket Amount																					25
Additional Carryover On Certain Specified Dispositions																					25
Reinvestment Right Period																					365 days
Percentage Of Annual Excess Cash Flow For Pre Payment Of Loan																					50.00%
Reinvestment Right Period, if Company Entered into a Legally Binding Commitment Before Expiration of Initial Reinvestment Right Period																					545 days
Amended Term Loan Facility | Acquisition Term Loan
Debt Instrument [Line Items]
Other Long-term Debt					691.6	698.3			691.6		691.6	691.6							691.6		691.6
Amended Term Loan Facility | 2011 Term Loan
Debt Instrument [Line Items]
Other Long-term Debt					671.6	670.1			671.6		671.6	671.6							671.6		671.6
Senior Subordinated Term Loan Due 2013
Debt Instrument [Line Items]
Contributed Loan																								48.6
Letter of Credit [Member] | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings available under credit facility					60.0				60.0		60.0	60.0							60.0		60.0
Swingline Loan [Member] | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings available under credit facility					30.0				30.0		30.0	30.0							30.0		30.0
Debt Instrument, Redemption, Period One [Member] | Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage					104.313%
Debt Instrument, Redemption, Period Two [Member] | Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage					102.875%
Debt Instrument, Redemption, Period Three [Member] | Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage					101.438%
Debt Instrument, Redemption, Period Zero [Member] | Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage					105.75%
Debt Instrument, Redemption, Period Four [Member] | Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage					100.00%
Scenario, Forecast [Member] | 2011 Term Loan
Debt Instrument [Line Items]
Repayments of Debt																							$ 24.6

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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SEGMENT DATA AND RELATED INFORMATION

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

SEGMENT DATA AND RELATED INFORMATION

SEGMENT DATA AND RELATED INFORMATION

Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the “Chief Executive Officer”) in deciding how to allocate resources and in assessing the Company's performance. As a result of the similarities in the procurement, marketing and distribution processes for all of the Company’s products, much of the information provided in the consolidated financial statements is similar to, or the same as, that reviewed on a regular basis by the Company's management.

At December 31, 2014, the Company’s operations are organized into the following two operating segments, which also represent the Company’s reportable segments:

• Consumer - The Consumer segment is comprised of the Company's consumer brands, which primarily include Revlon, Almay, SinfulColors and Pure Ice in cosmetics; Revlon ColorSilk in women’s hair color; Revlon in beauty tools; and Mitchum in anti-perspirant deodorants. The Company’s principal customers for its consumer products include the mass retail channel, consisting of large mass volume retailers and chain drug and food stores in the U.S. and internationally, as well as certain department stores and other specialty stores, such as perfumeries, outside the U.S. The Consumer segment also includes a skincare and hair color line sold in the mass retail channel, primarily in Spain, which were acquired as part of the Colomer Acquisition.

• Professional - The Professional segment is comprised primarily of the brands which the Company acquired in the Colomer Acquisition, which include Revlon Professional in hair color and hair care; CND-branded productsin nail polishes and nail enhancements; and American Crew in men’s grooming products, all of which are sold worldwide in the professional salon channel. The Company’s principal customers for its professional products include hair and nail salons and distributors in the U.S. and internationally. The Professional segment also includes a multi-cultural line consisting of Creme of Nature hair care products sold in the mass retail channel and in professional salons, primarily in the U.S.

The Company's management evaluates segment profit, which is defined as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses, for each of the Company's Consumer and Professional segments. Segment profit also excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the segments' underlying operating performance, which includes the impacts of: (i) restructuring and related charges; (ii) acquisition and integration costs; (iii) costs of sales resulting from a fair value adjustment to inventory acquired in the Colomer Acquisition; (iv) insurance proceeds received in 2013 related to the 2011 fire that destroyed the Company's facility in Venezuela; and (v) an accrual for estimated clean-up costs related to the Company's facility in Venezuela. Such items are shown below in the table reconciling segment profit to consolidated income from continuing operations before income taxes. Unallocated corporate expenses primarily include general and administrative expenses related to the corporate organization. These expenses are recorded in unallocated corporate expenses as these items are centrally directed and controlled and are not included in internal measures of segment operating performance. The Company does not have any material inter-segment sales.

The accounting policies for each of the reportable segments are the same as those described in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; thus, no additional information regarding assets and liabilities of the Company’s operating segments is produced for the Company's management or included in these financial statements.

The following table is a comparative summary of the Company’s net sales and segment profit by operating segment for each of 2014, 2013 and 2012. In the table below, certain amounts have been reclassified to conform to the presentation for 2014. Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had been included in the Professional segment in the Company's 2013 Annual Report on Form 10-K.

	Twelve Months Ended December 31,
	2014 (a)		2013 (a)			2012
Segment Net Sales:
Consumer	$	1,438.3	$	1,394.2		$	1,396.4
Professional	502.7		100.5			—
Total	$	1,941.0	$	1,494.7		$	1,396.4
Segment Profit:
Consumer	$	347.6	$	347.2		$	363.1
Professional	104.8		5.1			—
Total	$	452.4	$	352.3		$	363.1
Reconciliation:
Segment Profit	$	452.4	$	352.3		$	363.1
Less:
Unallocated corporate expenses	67.4		58.7			55.0
Depreciation and amortization	102.6		76.7			64.9
Non-cash stock compensation expense	5.5		0.2			0.3
Non-recurring items:
Restructuring and related charges	22.6		4.5			—
Acquisition and integration costs	6.4		25.4			—
Inventory purchase accounting adjustment, cost of sales	2.6		8.5			—
Gain from insurance proceeds related to Venezuela fire	—		(26.4		)	—
Accrual for clean-up costs related to destroyed facility in Venezuela	—		7.6			24.1
Operating Income	245.3		197.1			218.8
Less:
Interest Expense	84.4		78.6			85.3
Amortization of debt issuance costs	5.5		3.5			3.4
Loss on early extinguishment of debt	2.0		29.7			—
Foreign currency losses (gains), net	25.0		3.7			2.8
Miscellaneous, net	1.2		1.0			1.2
Income from continuing operations before income taxes	$	127.2	$	80.6		$	126.1

^(a)Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment.

As of December 31, 2014, the Company had operations established in 24 countries outside of the U.S. and its products are sold throughout the world. Generally, net sales by geographic area are presented by attributing revenues from external customers on the basis of where the products are sold. Walmart and its affiliates worldwide accounted for approximately 16%, 20% and 22% of the Company’s worldwide net sales in 2014, 2013 and 2012, respectively.

The Company expects that Walmart and a small number of other customers will, in the aggregate, continue to account for a large portion of the Company’s net sales. As is customary in the consumer products industry, none of the Company’s customers is under an obligation to continue purchasing products from the Company in the future.

In the tables below, certain prior year amounts have been reclassified to conform to the current period’s presentation.

	Year Ended December 31,
	2014			2013			2012
Geographic area:
Net sales:
United States	$	1,021.9	53%	$	832.8	56%	$	799.8	57%
Outside of the United States	919.1		47%	661.9		44%	596.6		43%
	$	1,941.0		$	1,494.7		$	1,396.4

	December 31, 2014			December 31, 2013
Long-lived assets, net:
United States	$	845.5	76%	$	837.0	73%
Outside of the United States	271.7		24%	315.1		27%
	$	1,117.2		$	1,152.1

	Year Ended December 31,
	2014			2013			2012
Classes of similar products:
Net sales:
Color cosmetics	$	1,032.4	53%	$	926.4	62%	$	913.0	65%
Hair care	545.0		28%	263.9		18%	191.1		14%
Beauty care and fragrance	363.6		19%	304.4		20%	292.3		21%
	$	1,941.0		$	1,494.7		$	1,396.4

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GUARANTOR FINANCIAL INFORMATION Condensed Income Statement (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Income Statement and Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	1,001.1		$	356.8		$	771.5		$	(188.4	)	$	1,941.0
Cost of sales	430.5			146.9			279.3			(188.4		)	668.3
Gross profit	570.6			209.9			492.2			—			1,272.7
Selling, general and administrative expenses	466.6			133.3			399.8			—			999.7
Acquisition and integration costs	6.4			—			—			—			6.4
Restructuring charges and other, net	2.9			3.3			15.1			—			21.3
Operating income	94.7			73.3			77.3			—			245.3
Other expenses (income):
Intercompany interest, net	(8.0		)	(0.4		)	8.4			—			—
Interest expense	83.6			0.1			0.7			—			84.4
Amortization of debt issuance costs	5.5			—			—			—			5.5
Loss on extinguishment of debt, net	2.0			—			—			—			2.0
Foreign currency (gains) losses, net	(3.1		)	(0.1		)	28.2			—			25.0
Miscellaneous, net	(48.0		)	(8.2		)	57.4			—			1.2
Other expenses (income), net	32.0			(8.6		)	94.7			—			118.1
Income (loss) from continuing operations before income taxes	62.7			81.9			(17.4		)	—			127.2
Provision for income taxes	85.8			(8.4		)	3.8			—			81.2
(Loss) income from continuing operations	(23.1		)	90.3			(21.2		)	—			46.0
Income (loss) from discontinued operations, net of taxes	0.2			—			1.1			—			1.3
Equity in income of subsidiaries	70.2			1.5			—			(71.7		)	—
Net income (loss)	$	47.3		$	91.8		$	(20.1	)	$	(71.7	)	$	47.3
Other comprehensive (loss) income	(93.4		)	9.3			(15.8		)	6.5			(93.4		)
Total comprehensive (loss) income	$	(46.1	)	$	101.1		$	(35.9	)	$	(65.2	)	$	(46.1	)

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2013
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	972.8		$	90.5		$	626.6		$	(195.2	)	$	1,494.7
Cost of sales	438.4			45.6			256.3			(195.2		)	545.1
Gross profit	534.4			44.9			370.3			—			949.6
Selling, general and administrative expenses	418.1			37.8			267.7			—			723.6
Acquisition and integration costs	24.2			—			1.2			—			25.4
Restructuring charges and other, net	—			0.4			3.1			—			3.5
Operating income	92.1			6.7			98.3			—			197.1
Other expenses (income):
Intercompany interest, net	(0.8		)	(0.6		)	6.2			—			4.8
Interest expense	72.9			0.3			0.6			—			73.8
Amortization of debt issuance costs	3.5			—			—			—			3.5
Loss on extinguishment of debt, net	29.7			—			—			—			29.7
Foreign currency losses (gains), net	3.2			1.3			(0.8		)	—			3.7
Miscellaneous, net	(2.4		)	(11.5		)	14.9			—			1.0
Other expenses (income), net	106.1			(10.5		)	20.9			—			116.5
(Loss) income from continuing operations before income taxes	(14.0		)	17.2			77.4			—			80.6
Provision for income taxes	39.9			0.3			8.4			—			48.6
(Loss) Income from continuing operations	(53.9		)	16.9			69.0			—			32.0
Income (loss) from discontinued operations, net of taxes	0.3			—			(30.7		)	—			(30.4		)
Equity in income of subsidiaries	55.2			24.6			—			(79.8		)	—
Net income (loss)	$	1.6		$	41.5		$	38.3		$	(79.8	)	$	1.6
Other comprehensive income (loss)	58.4			16.7			10.2			(26.9		)	58.4
Total comprehensive income (loss)	$	60.0		$	58.2		$	48.5		$	(106.7	)	$	60.0

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2012
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	929.9		$	113.6		$	546.4		$	(193.5	)	$	1,396.4
Cost of sales	418.6			53.7			215.0			(193.5		)	493.8
Gross profit	511.3			59.9			331.4			—			902.6
Selling, general and administrative expenses	397.2			47.3			218.8			—			663.3
Restructuring charges and other, net	1.2			0.7			18.6			—			20.5
Operating income	112.9			11.9			94.0			—			218.8
Other expenses (income):
Intercompany interest, net	0.8			(0.8		)	6.2			—			6.2
Interest expense	78.4			0.3			0.4			—			79.1
Amortization of debt issuance costs	3.4			—			—			—			3.4
Foreign currency (gains) losses, net	(0.4		)	0.5			2.7			—			2.8
Miscellaneous, net	(70.1		)	6.8			64.5			—			1.2
Other expenses, net	12.1			6.8			73.8			—			92.7
Income from continuing operations before income taxes	100.8			5.1			20.2			—			126.1
Provision for income taxes	25.0			8.9			10.9			—			44.8
Income (loss) from continuing operations	75.8			(3.8		)	9.3			—			81.3
Income (loss) from discontinued operations, net of taxes	0.4			—			(10.5		)	—			(10.1		)
Equity in income of subsidiaries	$	(5.0	)	$	(11.9	)	$	—		$	16.9		$	—
Net income	71.2			(15.7		)	(1.2		)	16.9			71.2
Other comprehensive (loss) income	$	(7.3	)	$	10.6		$	12.8		$	(23.4	)	$	(7.3	)
Total comprehensive income (loss)	$	63.9		$	(5.1	)	$	11.6		$	(6.5	)	$	63.9

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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments in Consolidated Balance Sheet

Fair Values of Derivative Financial Instruments in Consolidated Balance Sheets:

	Fair Values of Derivative Instruments
	Assets					Liabilities
	Balance Sheet	December 31, 2014		December 31, 2013		Balance Sheet	December 31, 2014		December 31, 2013
	Classification	Fair Value		Fair Value		Classification	Fair Value		Fair Value
Derivatives designated as hedging instruments:
2013 Interest Rate Swap(i)	Prepaid expenses and other	$	—	$	—	Accrued expenses and other	$	2.1	$	—
	Other assets	—		2.5		Other long-term liabilities	1.4		—
Derivatives not designated as hedging instruments:
FX Contracts(ii)	Prepaid expenses and other	$	0.2	$	1.0	Accrued Expenses	$	—	$	0.2

⁽ⁱ⁾ The fair values of the 2013 Interest Rate Swap at December 31, 2014 and December 31, 2013 were measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve at December 31, 2014 and December 31, 2013, respectively.

⁽ⁱⁱ⁾ The fair values of the FX Contracts at December 31, 2014 and December 31, 2013 were measured based on observable market transactions of spot and forward rates at December 31, 2014 and December 31, 2013, respectively.

Effects of Derivative Financial Instruments on Income and Other Comprehensive Income (Loss)

Effects of Derivative Financial Instruments on the Consolidated Statements of Income and Comprehensive (Loss) Income for each of 2014, 2013 and 2012:

	Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income
	Year Ended December 31,
	2014			2013		2012
Derivatives designated as hedging instruments:
2013 Interest Rate Swap, net of tax (a)	$	(3.7	)	$	1.5	$	—

^(a)  Net of tax (benefit) expense of $(2.3) million and $1.0 million for each of 2014 and 2013.

	Income Statement Classification	Amount of Gain (Loss) Recognized in Net Income
		Year Ended December 31,
		2014		2013		2012
Derivatives not designated as hedging instruments:
FX Contracts	Foreign currency gain (loss), net	$	0.5	$	2.2	$	(1.9	)

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Financial Instruments - Fair Value of Derivative Financial Instruments in Consolidated Balance Sheet (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Interest Rate Swap | Designated as Hedging Instrument | Other assets
Derivative Instruments [Abstract]
Fair value of gross derivative asset	$ 0	[1]	$ 2.5	[1]
Interest Rate Swap | Designated as Hedging Instrument | Other Noncurrent Liabilities
Derivative Instruments [Abstract]
Fair value of gross liabilities	1.4	[1]	0	[1]
Interest Rate Swap | Designated as Hedging Instrument | Prepaid expenses and other
Derivative Instruments [Abstract]
Fair value of gross derivative asset	0	[1]	0	[1]
Interest Rate Swap | Designated as Hedging Instrument | Accrued Expenses
Derivative Instruments [Abstract]
Fair value of gross liabilities	2.1	[1]	0	[1]
Foreign exchange contracts | Not Designated as Hedging Instrument | Prepaid expenses and other
Derivative Instruments [Abstract]
Fair value of gross derivative asset	0.2	[2]	1.0	[2]
Foreign exchange contracts | Not Designated as Hedging Instrument | Accrued Expenses
Derivative Instruments [Abstract]
Fair value of gross liabilities	$ 0	[2]	$ 0.2	[2]

[1] The fair values of the 2013 Interest Rate Swap at December 31, 2014 and December 31, 2013 were measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve at December 31, 2014 and December 31, 2013, respectively.

[2] The fair values of the FX Contracts at December 31, 2014 and December 31, 2013 were measured based on observable market transactions of spot and forward rates at December 31, 2014 and December 31, 2013, respectively.

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Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Parentheticals) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended				3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012		Mar. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined Benefit Plan, Curtailments			$ 1.7
Pension curtailment gain	0	0	0.2	[1]
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments			1.5
Currency translation adjustment, tax	2.1	3.3	1.0
Amortization of pension related costs, tax benefit	0.1	1.2	1.0
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax	(42.0)	33.5	(7.2)
Revaluation of derivative financial instruments, tax	2.3	(1.0)	0
Actuarial (Loss) Gain on Post-retirement Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification Of Tax Effect On Amortization Of Actuarial Losses To Deferred Taxes					2.0
Pension curtailment gain			0.1	[1]
Prior Service Cost On Post Retirement Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension curtailment gain			$ 0.1	[1]

[1] As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

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PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

	December 31,
	2014			2013
Land and improvements	$	11.7		$	12.9
Building and improvements	83.9			86.6
Machinery, equipment and capital leases	198.7			193.5
Office furniture, fixtures and capitalized software	104.2			107.0
Leasehold improvements	28.1			16.5
Construction-in-progress	35.9			22.5
Property, plant and equipment, gross	462.5			439.0
Accumulated depreciation	(250.5		)	(243.1		)
Property, plant and equipment, net	$	212.0		$	195.9

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Summary of Significant Accounting Policies (Detail) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		12 Months Ended				3 Months Ended
	Jun. 30, 2014	Mar. 31, 2013	Dec. 31, 2014 Customer segment	Dec. 31, 2013		Dec. 31, 2012	Sep. 30, 2014	Feb. 13, 2013	Jun. 30, 2011
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of operating segment (segment)			2
Deferred income taxes – noncurrent			$ 34.8	$ 50.9	[1]
Other long-term liabilities			90.0	80.1	[1]
Cash Equivalents, at Carrying Value			6.3	1.2
Outstanding Checks			2.2	6.4
Entity Wide Revenue Major Customer Number			3
Entity Wide Account Receivables Major Customer Percentage			31.00%	30.00%
Property, Plant and Equipment, Net			212.0	195.9	[1]
Depreciation and amortization			102.6	76.7		64.9
Unamortized Debt Issuance Expense			26.9	32.5
Impairment of Long-Lived Assets Held-for-use				5.9
Advertising Expense			383.2	278.5		252.6
Shipping, Handling and Transportation Costs			84.9	66.5		61.1
Research and Development Expense			31.6	26.9		24.2
Foreign currency loss from Venezuela re-measurement	6.0	0.6	6.0	0.6		0
Preferred Stock, Shares Authorized			1,000	1,000
Preferred Stock, Shares Outstanding			546	546
Preferred Stock, Liquidation Preference Per Share			$ 100,000
Preferred Stock, Redemption Price Per Share			$ 100,000
Revlon Venezuela1
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Foreign Currency Exchange Rate, Translation								6.3	5.5
Revlon Venezuela
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Foreign Currency Exchange Rate, Translation			53
Previously Reported
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Deferred income taxes – noncurrent				179.6	[1]
Other long-term liabilities				194.0	[1]
Consumer Segment
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Decrease In Net Sales From Devaluation							16.2
Decrease In Operating Income From Devaluation							8.4
Short-term Debt [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Bank Overdrafts			3.4
Cash and Cash Equivalents [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Restricted Cash and Cash Equivalents			3.4
Wall Display [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Net			63.3	62.7
Depreciation and amortization			$ 42.5	$ 39.2		$ 36.0
Minimum | Land Improvements [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			20 years
Minimum | Building [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Minimum | Machinery, equipment and capital leases
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Minimum | Office furniture, fixtures and capitalized software
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Minimum | Computer Software, Intangible Asset [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			2 years
Minimum | Wall Display [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			1 year
Maximum | Land Improvements [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			30 years
Maximum | Building [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			50 years
Maximum | Machinery, equipment and capital leases
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			15 years
Maximum | Office furniture, fixtures and capitalized software
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			15 years
Maximum | Computer Software, Intangible Asset [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Maximum | Wall Display [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			5 years

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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Accrued Expenses and Other - Components of Accrued Expenses and Other (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Sales returns and allowances	$ 70.6	$ 91.5
Compensation and related benefits	66.8	74.5
Advertising and promotional costs	44.9	42.9
Taxes	23.3	28.4
Interest	11.0	13.8
Restructuring reserve	13.7	13.7
Other	43.0	48.8
Accrued expenses and other	$ 273.3	$ 313.6	[1]

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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DISCONTINUED OPERATIONS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended												12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Income Statement Disclosures [Abstract]
Income (loss) from discontinued operations, net of taxes	$ 0.4	[1]	$ 0.4	[1]	$ 3.7	[1]	$ (3.2)	[1]	$ (24.1)	$ (1.5)	$ (2.4)	$ (2.4)	$ 1.3		$ (30.4)		$ (10.1)
Restructuring charges and other, net													21.3		3.5		20.5
Operations in China
Income Statement Disclosures [Abstract]
Net sales													2.6	[2]	13.8		29.7
Income (loss) from discontinued operations, before taxes													1.5		(30.8)	[3]	(10.5)	[3]
Benefit for income taxes													0.2		(0.4)		(0.4)
Income (loss) from discontinued operations, net of taxes													1.3		(30.4)		(10.1)
Balance Sheet Disclosures [Abstract]
Cash and cash equivalents	2.4								0.9				2.4		0.9
Trade receivables, net	0.2								1.9				0.2		1.9
Total current assets	2.6								2.8				2.6		2.8
Total assets	2.6								2.8				2.6		2.8
Accounts payable	0.2								4.7				0.2		4.7
Accrued expenses and other	3.9								27.6				3.9		27.6
Total current liabilities	4.1								32.3				4.1		32.3
Other long-term liabilities	0								2.8				0		2.8
Total liabilities	4.1								35.1				4.1		35.1
Discontinued Operations | Operations in China
Income Statement Disclosures [Abstract]
Restructuring charges and other, net															$ 20.0

[1] (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations").

[2] Net sales during 2014 include favorable adjustments to sales returns related to the Company's exit of its China operations.

[3] Included in loss from discontinued operations, before taxes for 2013 is $20.0 million of restructuring and related charges related to the Company's exit of its business operations in China as part of the December 2013 Program. Refer to Note 3, "Restructuring Charges - December 2013 Program," for related disclosures

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SEGMENT DATA AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table is a comparative summary of the Company’s net sales and segment profit by operating segment for each of 2014, 2013 and 2012. In the table below, certain amounts have been reclassified to conform to the presentation for 2014. Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had been included in the Professional segment in the Company's 2013 Annual Report on Form 10-K.

	Twelve Months Ended December 31,
	2014 (a)		2013 (a)			2012
Segment Net Sales:
Consumer	$	1,438.3	$	1,394.2		$	1,396.4
Professional	502.7		100.5			—
Total	$	1,941.0	$	1,494.7		$	1,396.4
Segment Profit:
Consumer	$	347.6	$	347.2		$	363.1
Professional	104.8		5.1			—
Total	$	452.4	$	352.3		$	363.1
Reconciliation:
Segment Profit	$	452.4	$	352.3		$	363.1
Less:
Unallocated corporate expenses	67.4		58.7			55.0
Depreciation and amortization	102.6		76.7			64.9
Non-cash stock compensation expense	5.5		0.2			0.3
Non-recurring items:
Restructuring and related charges	22.6		4.5			—
Acquisition and integration costs	6.4		25.4			—
Inventory purchase accounting adjustment, cost of sales	2.6		8.5			—
Gain from insurance proceeds related to Venezuela fire	—		(26.4		)	—
Accrual for clean-up costs related to destroyed facility in Venezuela	—		7.6			24.1
Operating Income	245.3		197.1			218.8
Less:
Interest Expense	84.4		78.6			85.3
Amortization of debt issuance costs	5.5		3.5			3.4
Loss on early extinguishment of debt	2.0		29.7			—
Foreign currency losses (gains), net	25.0		3.7			2.8
Miscellaneous, net	1.2		1.0			1.2
Income from continuing operations before income taxes	$	127.2	$	80.6		$	126.1

^(a)Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment.

Schedule of Net Sales and Long-Lived Assets by Geographic Area

In the tables below, certain prior year amounts have been reclassified to conform to the current period’s presentation.

	Year Ended December 31,
	2014			2013			2012
Geographic area:
Net sales:
United States	$	1,021.9	53%	$	832.8	56%	$	799.8	57%
Outside of the United States	919.1		47%	661.9		44%	596.6		43%
	$	1,941.0		$	1,494.7		$	1,396.4

	December 31, 2014			December 31, 2013
Long-lived assets, net:
United States	$	845.5	76%	$	837.0	73%
Outside of the United States	271.7		24%	315.1		27%
	$	1,117.2		$	1,152.1

Schedule of Net Sales by Classes of Similar Products

	Year Ended December 31,
	2014			2013			2012
Classes of similar products:
Net sales:
Color cosmetics	$	1,032.4	53%	$	926.4	62%	$	913.0	65%
Hair care	545.0		28%	263.9		18%	191.1		14%
Beauty care and fragrance	363.6		19%	304.4		20%	292.3		21%
	$	1,941.0		$	1,494.7		$	1,396.4

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BUSINESS COMBINATION

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

BUSINESS COMBINATION

BUSINESS COMBINATION

The Colomer Acquisition

On October 9, 2013 (the "Acquisition Date"), Products Corporation completed its acquisition of The Colomer Group Participations, S.L. ("Colomer" and the "Colomer Acquisition"), a Spanish company which primarily manufactures, markets and sells professional products to hair and nail salons and other professional channels under brands such as Revlon Professional, CND, including CND Shellac, and American Crew, as well as retail and multi-cultural product lines. The cash purchase price for the Colomer Acquisition was $664.5 million, which Products Corporation financed with proceeds from the Acquisition Term Loan under the Amended Term Loan Facility (both as hereinafter defined). The Colomer Acquisition provides the Company with broad brand, geographic and channel diversification and substantially expands the Company's business, providing both distribution into new channels and cost synergy opportunities.

The results of operations of the Colomer business have been included, commencing on the Acquisition Date, in the Company’s Consolidated Financial Statements.

For 2014 and 2013, respectively, the Company has incurred acquisition and integration costs related to the Colomer Acquisition, summarized as follows:

	Year Ended December 31,
	2014		2013
Acquisition costs	$	0.5	$	12.9
Integration costs	5.9		12.5
Total acquisition and integration costs	$	6.4	$	25.4

Acquisition costs in 2014 and 2013 primarily include legal and consulting fees related to the Colomer Acquisition. The integration costs consist of non-restructuring costs related to the Company's plans to integrate Colomer's operations into the Company's business. Integration costs incurred during 2014 primarily include employee-related costs related to management changes and audit-related fees. For 2013, integration costs were primarily related to an impairment of in-progress capitalized software development costs and employee-related costs related to management changes.

Purchase Price Allocation

The Company accounted for the Colomer Acquisition as a business combination during the fourth quarter of 2013. The table below summarizes the amounts recognized for assets acquired and liabilities assumed as of the Acquisition Date, as well as adjustments made in the period after the Acquisition Date to the amounts initially recorded in 2013 (the "Measurement Period Adjustments"). Accordingly, the Company retrospectively adjusted its consolidated balance sheet as of December 31, 2013 to reflect these Measurement Period Adjustments. The Measurement Period Adjustments did not have a material impact on the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for 2014.

The total consideration of $664.5 million was recorded based on the respective estimated fair values of the net assets acquired on the Acquisition Date with resulting goodwill, as follows:

	Amounts Previously Recognized as of October 9, 2013 (Provisional) (a)		Measurement Period Adjustments			Amounts Recognized as of Acquisition Date (Adjusted)
Cash and cash equivalents	$	36.9	$	—		$	36.9
Trade receivables	83.9		—			83.9
Inventories	75.1		—			75.1
Prepaid expenses and other	31.3		—			31.3
Property, plant and equipment	96.7		—			96.7
Intangible assets(b)	292.7		5.4			298.1
Goodwill(b)(c)	255.7		(2.4		)	253.3
Deferred tax asset - noncurrent	53.1		—			53.1
Other assets(c)	1.9		3.9			5.8
Total assets acquired	927.3		6.9			934.2
Accounts payable	48.0		—			48.0
Accrued expenses and other	65.6		—			65.6
Long-term debt	0.9		—			0.9
Long-term pension and other benefit plan liabilities	4.5		—			4.5
Deferred tax liability(b)	123.3		2.1			125.4
Other long-term liabilities(c)	20.5		4.8			25.3
Total liabilities assumed	262.8		6.9			269.7
Total consideration	$	664.5	$	—		$	664.5

^(a) As previously reported in the Company's 2013 Annual Report on Form 10-K.

^(b) The Measurement Period Adjustments to intangible assets, deferred tax liability and goodwill in the first quarter of 2014 related to a change in assumptions used to calculate the fair value of an acquired customer relationship intangible asset, which increased the intangible asset by $5.4 million and extended the life of the asset from 10 to 20 years, increased deferred tax liabilities by $2.1 million, and resulted in a net decrease to goodwill of $3.3 million.

^(c) The Company recorded a $3.9 million income tax adjustment to the beginning tax balance within other assets and a $4.8 million adjustment to other long-term liabilities, resulting in a net increase to goodwill of $0.9 million.

In determining the fair values of net assets acquired in the Colomer Acquisition and resulting goodwill, the Company considered, among other factors, an analysis of Colomer's historical financial performance and an estimate of the future performance of the acquired business, as well as market participants' intended use of the acquired assets.

The acquired intangible assets, based on the fair values of the identifiable intangible assets, are as follows:

	Fair Values at October 9, 2013		Weighted Average Useful Life (in years)
Trade names, indefinite-lived	$	108.6	Indefinite
Trade names, finite-lived	109.4		5 - 20
Customer relationships	62.4		15 - 20
License agreement	4.1		10
Internally-developed IP	13.6		10
Total acquired intangible assets	$	298.1

Unaudited Pro Forma Results

The unaudited pro forma results include the historical consolidated statements of income of the Company and Colomer, giving effect to the Colomer Acquisition and related financing transactions as if they had occurred on January 1, 2012.

The following table presents the Company's pro forma consolidated net sales and income from continuing operations, before income taxes for 2013 and 2012.

	Unaudited Pro Forma Results
	Year Ended December 31,
	2013		2012
Net sales	$	1,908.9	$	1,911.6
Income from continuing operations, before income taxes	135.2		127.2

The pro forma results, prepared in accordance with U.S. GAAP, include the following pro forma adjustments related to the Colomer Acquisition:

(i) as a result of an $11.1 million fair value adjustment to acquired inventory at the Acquisition Date, the Company recognized $8.5 million of the increase in cost of sales in its historical 2013 consolidated financial statements. The pro forma adjustments include an adjustment to reverse the $8.5 million recognized in 2013 cost of sales and recognize the full $11.1 million in 2012 cost of sales;

(ii) the pro forma increase in depreciation and amortization expense based on the fair value adjustments to property, plant and equipment and acquired finite-lived intangible assets recorded in connection with the Colomer Acquisition of $14.3 million and $19.2 million in 2013 and 2012, respectively;

(iii) the elimination of goodwill impairment charges recognized by Colomer in 2013 and 2012 of $9.0 million and $5.3 million, respectively;

(iv) the elimination of acquisition and integration costs recognized by the Company and Colomer in 2013 and 2012 of $25.8 million and $0.8 million, respectively;

(v) the elimination of Colomer's debt facility fees of $3.6 million recognized in 2013, as the debt facility was closed on the Acquisition Date; and

(vi) the pro forma increase in interest expense and amortization of debt issuance costs, resulting from the issuance of the Acquisition Term Loan used by Products Corporation to finance the Colomer Acquisition, for a total combined increase of $19.4 million and $24.4 million in 2013 and 2012, respectively.

The unaudited pro forma results do not include: (1) any revenue or cost reductions that may be achieved through the business combination; or (2) the impact of non-recurring items directly related to the business combination.

The unaudited pro forma results are not necessarily indicative of the operating results that would have occurred if the Colomer Acquisition had been completed as of the date for which the pro forma financial information is presented. In addition, the unaudited pro forma results do not purport to project the future consolidated operating results of the combined company.

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Inventories - Components of Inventories (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 47.2	$ 50.8
Work-in-process	9.0	12.8
Finished goods	100.4	111.4
Inventories	$ 156.6	$ 175.0	[1]

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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PENSION AND POST-RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Plan Disclosure [Line Items]

Schedule of Expected Benefit Payments [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the Company’s pension and other post-retirement benefit plans:

	Total Pension Benefits		Total Other Benefits
2015	$	41.3	$	0.8
2016	42.0		0.9
2017	42.9		0.9
2018	43.8		0.9
2019	44.4		0.9
Years 2020 to 2024	231.8		4.6

Schedule Of Target Ranges Per Asset Class Table [Text Block]

The target ranges per asset class are as follows:

	Target Ranges
	U.S. Plans	International Plans
Asset Class:
Common and preferred stock	0% - 10%	—
Mutual funds	20% - 30%	—
Fixed income securities	10% - 30%	—
Common and collective funds	25% - 55%	100%
Hedge funds	0% - 15%	—
Group annuity contract	0% - 5%	—
Cash and other investments	0% - 10%	—

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the Company's pension plans are as follows:

	December 31,
	2014		2013
Projected benefit obligation	$	761.7	$	668.2
Accumulated benefit obligation	761.0		667.3
Fair value of plan assets	567.7		557.6

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Amounts recognized in accumulated other comprehensive loss at December 31, 2014 in respect of the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, are as follows:

	Pension Benefits			Post-Retirement Benefits			Total
Net actuarial loss	$	277.6		$	2.5		$	280.1
Prior service cost	—			—			—
Accumulated Other Comprehensive Loss, Gross	277.6			2.5			280.1
Income tax (benefit) expense	(43.7		)	0.1			(43.6		)
Portion allocated to Revlon Holdings	(1.0		)	(0.2		)	(1.2		)
Accumulated Other Comprehensive Loss, Net	$	232.9		$	2.4		$	235.3

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The following table presents information on the fair value of the U.S. and international pension plan assets at December 31, 2014 and 2013:

	U.S. Plans				International Plans
	2014		2013		2014		2013
Fair value of plan assets	$	496.1	$	492.5	$	71.6	$	65.1

Schedule of Allocation of Plan Assets [Table Text Block]

The fair values of the U.S. and International pension plan assets at December 31, 2014, by asset categories were as follows:

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Input (Level 2)			Significant Unobservable Inputs (Level 3)
Common and Preferred Stock:
U.S. small/mid cap equity	$	20.5		$	20.5	$	—		$	—
Mutual Funds(a):
Corporate bonds	17.5			17.5		—			—
Government bonds	13.6			13.6		—			—
U.S. large cap equity	68.5			68.5		—			—
International equities	7.3			7.3		—			—
Emerging markets international equity	6.1			6.1		—			—
Other	3.1			3.1		—			—
Fixed Income Securities:
Corporate bonds	55.0			0.1		54.9			—
Government bonds	10.9			—		10.9			—
Common and Collective Funds(a):
Corporate bonds	75.4			—		75.4			—
Government bonds	60.0			—		60.0			—
U.S. large cap equity	24.3			—		24.3			—
U.S. small/mid cap equity	21.0			—		21.0			—
International equities	89.9			—		89.9			—
Emerging markets international equity	17.6			—		17.6			—
Cash and cash equivalents	3.7			—		3.7			—
Other	3.1			—		3.1			—
Hedge Funds(a):
Corporate bonds	6.8			—		6.8			—
Government bonds	(8.8		)	—		(8.8		)	—
U.S. large cap equity	9.1			—		9.1			—
International equities	15.9			—		15.9			—
Emerging markets international equity	4.1			—		4.1			—
Cash and cash equivalents	26.8			—		26.8			—
Other	4.2			—		4.2			—
Group Annuity Contract	2.8			—		2.8			—
Cash and cash equivalents	9.3			9.3		—			—
Fair value of plan assets at December 31, 2014	$	567.7		$	146.0	$	421.7		$	—

^(a)  The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

The fair values of the U.S. and International pension plan assets at December 31, 2013, by asset categories were as follows:

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Input (Level 2)		Significant Unobservable Inputs (Level 3)
Common and Preferred Stock:
U.S. small/mid cap equity	$	23.1	$	23.1	$	—	$	—
Mutual Funds(a):
Corporate bonds	24.4		24.4		—		—
Government bonds	15.1		15.1		—		—
U.S. large cap equity	68.7		68.7		—		—
International equities	4.3		4.3		—		—
Emerging markets international equity	4.2		4.2		—		—
Other	0.9		0.9		—		—
Fixed Income Securities:
Corporate bonds	46.1		—		45.8		0.3
Government bonds	9.6		—		8.0		1.6
Common and Collective Funds(a):
Corporate bonds	53.7		—		53.7		—
Government bonds	69.8		—		69.8		—
U.S. large cap equity	33.8		—		33.8		—
U.S. small/mid cap equity	23.0		—		23.0		—
International equities	92.1		—		92.1		—
Emerging markets international equity	17.3		—		17.3		—
Cash and cash equivalents	2.0		—		2.0		—
Other	2.9		—		2.9		—
Hedge Funds(a):
Corporate bonds	11.8		—		11.8		—
Government bonds	24.5		—		24.5		—
U.S. large cap equity	4.3		—		4.3		—
International equities	6.1		—		6.1		—
Cash and cash equivalents	5.7		—		5.7		—
Other	4.1		—		4.1		—
Group Annuity Contract	2.6		—		2.6		—
Cash and cash equivalents	7.5		7.5		—		—
Fair value of plan assets at December 31, 2013	$	557.6	$	148.2	$	407.5	$	1.9

^(a)  The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

The following table sets forth a summary of changes in the fair values of the U.S. and International pension plans’ Level 3 assets for each of 2014 and 2013:

	Total			Fixed Income Securities			Hedge Funds
Balance, December 31, 2012	$	0.6		$	0.6		$	—
Purchases, sales, and settlements, net	0.6			0.6			—
Loss on assets held during the period	(0.2		)	(0.2		)	—
Transfers into Level 3	0.9			0.9			—
Balance, December 31, 2013	1.9			1.9			—
Purchases, sales and settlements, net	(0.5		)	(0.5		)	—
Loss on assets held during the period	—			—			—
Transfers out of Level 3	(1.4		)	(1.4		)	—
Balance, December 31, 2014	$	—		$	—		$	—

Schedule of Net Funded Status [Table Text Block]

The following table provides an aggregate reconciliation of the projected benefit obligations, plan assets, funded status and amounts recognized in the Company’s Consolidated Financial Statements related to the Company's significant pension and other post-retirement benefit plans.

	Pension Plans						Other Post-Retirement Benefit Plans
	December 31,
	2014			2013			2014			2013
Change in Benefit Obligation:
Benefit obligation - beginning of year	$	(668.2	)	$	(744.6	)	$	(14.4	)	$	(16.5	)
Service cost	(0.8		)	(0.9		)	—			—
Interest cost	(30.1		)	(27.6		)	(0.5		)	(0.6		)
Actuarial gain (loss)	(108.0		)	65.5			(0.2		)	1.6
Benefits paid	41.0			39.1			0.7			0.8
Currency translation adjustments	4.4			(0.1		)	—			0.3
Other	—			0.4			1.5			—
Benefit obligation - end of year	$	(761.7	)	$	(668.2	)	$	(12.9	)	$	(14.4	)
Change in Plan Assets:
Fair value of plan assets - beginning of year	$	557.6		$	520.2		$	—		$	—
Actual return on plan assets	37.6			58.1			—			—
Employer contributions	18.2			17.7			0.7			0.8
Benefits paid	(41.0		)	(39.1		)	(0.7		)	(0.8		)
Currency translation adjustments	(4.7		)	0.7			—			—
Fair value of plan assets - end of year	$	567.7		$	557.6		$	—		$	—
Unfunded status of plans at December 31,	$	(194.0	)	$	(110.6	)	$	(12.9	)	$	(14.4	)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

In respect of the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 consist of the following:

	Pension Plans						Other Post-Retirement Benefit Plans
	December 31,
	2014			2013			2014			2013
Other long-term assets	$	0.8		$	—		$	—		$	—
Accrued expenses and other	$	(6.1	)	$	(5.9	)	$	(0.7	)	$	(0.8	)
Pension and other post-retirement benefit liabilities	(188.7		)	(104.7		)	(12.2		)	(13.6		)
Total liability	(194.0		)	(110.6		)	(12.9		)	(14.4		)
Accumulated other comprehensive loss, gross	277.6			170.1			2.5			2.8
Income tax (benefit) expense	(43.7		)	(1.8		)	0.1			0.1
Portion allocated to Revlon Holdings	(1.0		)	(0.7		)	(0.2		)	—
Accumulated other comprehensive loss, net	$	232.9		$	167.6		$	2.4		$	2.9

Schedule of Net Benefit Costs

The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans are as follows:

	Pension Plans									Other Post-Retirement Benefit Plans
	Year Ended December 31,
	2014			2013			2012			2014		2013			2012
Net periodic benefit (income) costs:
Service cost	$	0.8		$	0.9		$	1.6		$	—	$	—		$	—
Interest cost	30.1			27.6			30.0			0.5		0.6			0.7
Expected return on plan assets	(41.3		)	(38.3		)	(35.2		)	—		—			—
Amortization of actuarial loss	4.5			8.6			8.1			0.1		0.4			0.3
Curtailment gain	—			—			(1.5		)	—		—			—
	(5.9		)	(1.2		)	3.0			0.6		1.0			1.0
Portion allocated to Revlon Holdings	(0.1		)	(0.1		)	(0.1		)	—		(0.1		)	—
	$	(6.0	)	$	(1.3	)	$	2.9		$	0.6	$	0.9		$	1.0

Classification of Net Periodic Benefit (Income) Cost

Net periodic benefit (income) costs are reflected in the Company's Consolidated Financial Statements as follows:

	Year Ended December 31,
	2014			2013
Net periodic benefit (income) costs:
Cost of sales	$	(4.2	)	$	(2.3	)
Selling, general and administrative expense	(0.7		)	2.4
Inventories	(0.5		)	(0.5		)
	$	(5.4	)	$	(0.4	)

Projected Benefit Obligation Assumptions [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used [Table Text Block]

The following weighted-average assumptions were used to determine the Company’s projected benefit obligation of the Company’s U.S. and International pension plans at the end of the respective years:

	U.S. Plans				International Plans
	2014		2013		2014		2013
Discount rate	3.89	%	4.68	%	3.74	%	4.48	%
Rate of future compensation increases	3.00	%	3.00	%	2.33	%	3.40	%

Net Periodic Benefit Cost Assumptions [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used [Table Text Block]

The following weighted-average assumptions were used to determine the Company’s net periodic benefit (income) cost of the Company’s U.S. and International pension plans during the respective years:

	U.S. Plans						International Plans
	2014		2013		2012		2014		2013		2012
Discount rate	4.68	%	3.78	%	4.38	%	4.48	%	4.33	%	4.77	%
Expected long-term return on plan assets	7.75	%	7.75	%	7.75	%	6.00	%	6.00	%	6.22	%
Rate of future compensation increases	3.00	%	3.00	%	3.50	%	3.40	%	2.97	%	3.05	%

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GUARANTOR FINANCIAL INFORMATION (Notes)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Financial Statements [Text Block]

GUARANTOR FINANCIAL INFORMATION

Products Corporation’s 5¾% Senior Notes are fully and unconditionally guaranteed on a senior basis by Products Corporation’s domestic subsidiaries (other than certain immaterial subsidiaries) that guarantee Products Corporation’s obligations under its Amended Credit Agreements (the “Guarantor Subsidiaries”).

The following Condensed Consolidating Financial Statements present the financial information as of December 31, 2014 and December 31, 2013, and for the years ended December 31, 2014, 2013 and 2012 for (i) Products Corporation on a stand-alone basis; (ii) the Guarantor Subsidiaries on a stand-alone basis; (iii) the subsidiaries of Products Corporation that do not guarantee Products Corporation’s 5¾% Senior Notes (the “Non-Guarantor Subsidiaries”) on a stand-alone basis; and (iv) Products Corporation, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis. The Condensed Consolidating Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted for the applicable share of the subsidiary’s cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

Condensed Consolidating Balance Sheets
As of December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	104.2		$	88.1		$	83.0	$	—		$	275.3
Trade receivables, less allowances for doubtful accounts	87.8			39.7			111.4		—			238.9
Inventories	75.5			30.6			50.5		—			156.6
Deferred income taxes - current	46.2			—			12.2		—			58.4
Prepaid expenses and other	119.0			6.2			24.8		—			150.0
Intercompany receivables	992.5			630.0			129.6		(1,752.1		)	—
Investment in subsidiaries	562.8			(161.4		)	—		(401.4		)	—
Property, plant and equipment, net	112.4			28.0			71.6		—			212.0
Deferred income taxes - noncurrent	22.6			—			12.2		—			34.8
Goodwill	185.8			30.0			248.3		—			464.1
Intangible assets, net	53.2			164.6			110.0		—			327.8
Other assets	83.2			2.9			27.2		—			113.3
Total assets	$	2,445.2		$	858.7		$	880.8	$	(2,153.5	)	$	2,031.2
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	—		$	6.6	$	—		$	6.6
Current portion of long-term debt	31.5			—			—		—			31.5
Accounts payable	68.3			19.0			66.2		—			153.5
Accrued expenses and other	159.0			24.5			89.8		—			273.3
Intercompany payables	672.9			703.6			375.6		(1,752.1		)	—
Long-term debt	1,831.7			—			0.7		—			1,832.4
Other long-term liabilities	238.8			4.4			47.7		—			290.9
Total liabilities	3,002.2			751.5			586.6		(1,752.1		)	2,588.2
Stockholder’s deficiency	(557.0		)	107.2			294.2		(401.4		)	(557.0		)
Total liabilities and stockholder’s deficiency	$	2,445.2		$	858.7		$	880.8	$	(2,153.5	)	$	2,031.2

Condensed Consolidating Balance Sheets
As of December 31, 2013
	Products Corporation (b)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries (a) (b)		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	141.3		$	0.8		$	102.0	$	—		$	244.1
Trade receivables, less allowances for doubtful accounts	88.7			24.5			140.3		—			253.5
Inventories	78.0			9.5			87.5		—			175.0
Deferred income taxes - current	52.5			—			12.6		—			65.1
Prepaid expenses and other	111.6			4.7			39.8		—			156.1
Intercompany receivables	1,051.3			614.5			474.1		(2,139.9		)	—
Investment in subsidiaries	589.7			(60.2		)	—		(529.5		)	—
Property, plant and equipment, net	86.7			0.6			108.6		—			195.9
Deferred income taxes - noncurrent	38.0			—			12.9		—			50.9
Goodwill	185.8			30.0			256.5		—			472.3
Intangible assets, net	57.4			0.3			302.4		—			360.1
Other assets	90.9			1.6			31.3		—			123.8
Total assets	$	2,571.9		$	626.3		$	1,568.0	$	(2,669.4	)	$	2,096.8
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	1.8		$	6.1	$	—		$	7.9
Current portion of long-term debt	65.4			—			—		—			65.4
Accounts payable	72.2			6.2			87.3		—			165.7
Accrued expenses and other	161.8			13.4			138.4		—			313.6
Intercompany payables	790.0			675.9			674.0		(2,139.9		)	—
Long-term debt	1,861.4			—			0.9		—			1,862.3
Other long-term liabilities	137.6			2.9			57.9		—			198.4
Total liabilities	3,088.4			700.2			964.6		(2,139.9		)	2,613.3
Stockholder’s deficiency	(516.5		)	(73.9		)	603.4		(529.5		)	(516.5		)
Total liabilities and stockholder’s deficiency	$	2,571.9		$	626.3		$	1,568.0	$	(2,669.4	)	$	2,096.8

^(a)  During the three months ended March 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

^(b)  In the second quarter of 2014, the Company retrospectively adjusted deferred taxes for an immaterial correction, as discussed in Note 1, Description of Business and Basis of Presentation. For the Guarantor financials, the correction also included moving certain tax balances from the Non-Guarantor's to Products Corporation's Balance Sheet as of December 31, 2013.

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	1,001.1		$	356.8		$	771.5		$	(188.4	)	$	1,941.0
Cost of sales	430.5			146.9			279.3			(188.4		)	668.3
Gross profit	570.6			209.9			492.2			—			1,272.7
Selling, general and administrative expenses	466.6			133.3			399.8			—			999.7
Acquisition and integration costs	6.4			—			—			—			6.4
Restructuring charges and other, net	2.9			3.3			15.1			—			21.3
Operating income	94.7			73.3			77.3			—			245.3
Other expenses (income):
Intercompany interest, net	(8.0		)	(0.4		)	8.4			—			—
Interest expense	83.6			0.1			0.7			—			84.4
Amortization of debt issuance costs	5.5			—			—			—			5.5
Loss on extinguishment of debt, net	2.0			—			—			—			2.0
Foreign currency (gains) losses, net	(3.1		)	(0.1		)	28.2			—			25.0
Miscellaneous, net	(48.0		)	(8.2		)	57.4			—			1.2
Other expenses (income), net	32.0			(8.6		)	94.7			—			118.1
Income (loss) from continuing operations before income taxes	62.7			81.9			(17.4		)	—			127.2
Provision for income taxes	85.8			(8.4		)	3.8			—			81.2
(Loss) income from continuing operations	(23.1		)	90.3			(21.2		)	—			46.0
Income (loss) from discontinued operations, net of taxes	0.2			—			1.1			—			1.3
Equity in income of subsidiaries	70.2			1.5			—			(71.7		)	—
Net income (loss)	$	47.3		$	91.8		$	(20.1	)	$	(71.7	)	$	47.3
Other comprehensive (loss) income	(93.4		)	9.3			(15.8		)	6.5			(93.4		)
Total comprehensive (loss) income	$	(46.1	)	$	101.1		$	(35.9	)	$	(65.2	)	$	(46.1	)

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2013
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	972.8		$	90.5		$	626.6		$	(195.2	)	$	1,494.7
Cost of sales	438.4			45.6			256.3			(195.2		)	545.1
Gross profit	534.4			44.9			370.3			—			949.6
Selling, general and administrative expenses	418.1			37.8			267.7			—			723.6
Acquisition and integration costs	24.2			—			1.2			—			25.4
Restructuring charges and other, net	—			0.4			3.1			—			3.5
Operating income	92.1			6.7			98.3			—			197.1
Other expenses (income):
Intercompany interest, net	(0.8		)	(0.6		)	6.2			—			4.8
Interest expense	72.9			0.3			0.6			—			73.8
Amortization of debt issuance costs	3.5			—			—			—			3.5
Loss on extinguishment of debt, net	29.7			—			—			—			29.7
Foreign currency losses (gains), net	3.2			1.3			(0.8		)	—			3.7
Miscellaneous, net	(2.4		)	(11.5		)	14.9			—			1.0
Other expenses (income), net	106.1			(10.5		)	20.9			—			116.5
(Loss) income from continuing operations before income taxes	(14.0		)	17.2			77.4			—			80.6
Provision for income taxes	39.9			0.3			8.4			—			48.6
(Loss) Income from continuing operations	(53.9		)	16.9			69.0			—			32.0
Income (loss) from discontinued operations, net of taxes	0.3			—			(30.7		)	—			(30.4		)
Equity in income of subsidiaries	55.2			24.6			—			(79.8		)	—
Net income (loss)	$	1.6		$	41.5		$	38.3		$	(79.8	)	$	1.6
Other comprehensive income (loss)	58.4			16.7			10.2			(26.9		)	58.4
Total comprehensive income (loss)	$	60.0		$	58.2		$	48.5		$	(106.7	)	$	60.0

Condensed Consolidating Statements of Income and Comprehensive Income
Twelve Months Ended December 31, 2012
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	929.9		$	113.6		$	546.4		$	(193.5	)	$	1,396.4
Cost of sales	418.6			53.7			215.0			(193.5		)	493.8
Gross profit	511.3			59.9			331.4			—			902.6
Selling, general and administrative expenses	397.2			47.3			218.8			—			663.3
Restructuring charges and other, net	1.2			0.7			18.6			—			20.5
Operating income	112.9			11.9			94.0			—			218.8
Other expenses (income):
Intercompany interest, net	0.8			(0.8		)	6.2			—			6.2
Interest expense	78.4			0.3			0.4			—			79.1
Amortization of debt issuance costs	3.4			—			—			—			3.4
Foreign currency (gains) losses, net	(0.4		)	0.5			2.7			—			2.8
Miscellaneous, net	(70.1		)	6.8			64.5			—			1.2
Other expenses, net	12.1			6.8			73.8			—			92.7
Income from continuing operations before income taxes	100.8			5.1			20.2			—			126.1
Provision for income taxes	25.0			8.9			10.9			—			44.8
Income (loss) from continuing operations	75.8			(3.8		)	9.3			—			81.3
Income (loss) from discontinued operations, net of taxes	0.4			—			(10.5		)	—			(10.1		)
Equity in income of subsidiaries	$	(5.0	)	$	(11.9	)	$	—		$	16.9		$	—
Net income	71.2			(15.7		)	(1.2		)	16.9			71.2
Other comprehensive (loss) income	$	(7.3	)	$	10.6		$	12.8		$	(23.4	)	$	(7.3	)
Total comprehensive income (loss)	$	63.9		$	(5.1	)	$	11.6		$	(6.5	)	$	63.9

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	77.3		$	78.0		$	18.7		$	—	$	174.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40.3		)	(2.4		)	(12.8		)	—		(55.5		)
Proceeds from the sale of certain assets	—			—			3.4			—		3.4
Net cash used in investing activities	(40.3		)	(2.4		)	(9.4		)	—		(52.1		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.2		)	(1.9		)	1.4			—		(4.7		)
Repayment of Non-Contributed Loan	(58.4		)	—			—			—		(58.4		)
Repayments under the Acquisition Term Loan	(7.0		)	—			—			—		(7.0		)
Payment of financing costs	(1.8		)	—			—			—		(1.8		)
Other financing activities	(2.7		)	—			(0.5		)	—		(3.2		)
Net cash (used in) provided by financing activities	(74.1		)	(1.9		)	0.9			—		(75.1		)
Effect of exchange rate changes on cash and cash equivalents	—			(0.1		)	(15.5		)	—		(15.6		)
Net (decrease) increase in cash and cash equivalents	(37.1		)	73.6			(5.3		)	—		31.2
Cash and cash equivalents at beginning of period (a)	141.3			14.5			88.3			—		244.1
Cash and cash equivalents at end of period	$	104.2		$	88.1		$	83.0		$	—	$	275.3

^(a) In January 2014, Colomer's U.S. subsidiaries became additional guarantors under Products Corporation's Amended Credit Agreements and 5¾% Senior Notes. Accordingly, for cash flow presentation purposes, the cash and cash equivalents at the beginning of the period associated with Colomer's U.S. subsidiaries have been reported under Guarantor Subsidiaries.

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2013
	Products Corporation			Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	76.9		$	4.6			$	41.8			$	—		$	123.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(21.1		)	(0.6		)	—	(6.9		)		—			(28.6		)
Business acquisition, net of cash and cash equivalents acquired	(627.6		)	—				—				—			(627.6		)
Insurance proceeds for property, plant and equipment	—			—				13.1				—			13.1
Proceeds from the sale of certain assets	0.3			—				3.4				—			3.7
Net cash (used in) provided by investing activities	(648.4		)	(0.6		)		9.6				—			(639.4		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(2.0		)	(3.2		)		(1.1		)		—			(6.3		)
Borrowings under the Acquisition Term Loan	698.3			—				—				—			698.3
Proceeds from the issuance of the 5¾% Senior Notes	500.0			—				—				—			500.0
Repayment of the 9¾% Senior Secured Notes	(330.0		)	—				—				—			(330.0		)
Repayment under the 2011 Term Loan Facility	(113.0		)	—				—				—			(113.0		)
Repayment of the Contributed Loan	(48.6		)	—				—				—			(48.6		)
Payment of financing costs	(48.8		)	—				—				—			(48.8		)
Other financing activities	(2.2		)	—				(0.4		)		—			(2.6		)
Net cash provided by (used in) financing activities	653.7			(3.2		)	—	(1.5		)	—	—		—	649.0
Effect of exchange rate changes on cash and cash equivalents	—			—				(5.1		)		—			(5.1		)
Net increase (decrease) in cash and cash equivalents	82.2			0.8			—	44.8			—	—		—	127.8
Cash and cash equivalents at beginning of period	59.1			—				57.2				—			116.3
Cash and cash equivalents at end of period	$	141.3		$	0.8		—	$	102.0		—	$	—	—	$	244.1

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2012
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	21.3		$	64.9		$	17.9		$	—	$	104.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(18.1		)	(0.4		)	(2.4		)	—		(20.9		)
Business acquisition, net of cash and cash equivalents acquired	—			(66.2		)	—			—		(66.2		)
Proceeds from the sale of certain assets	0.1			0.4			0.3			—		0.8
Net cash used in investing activities	(18.0		)	(66.2		)	(2.1		)	—		(86.3		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in short-term borrowings and overdraft	7.4			1.2			(2.3		)	—		6.3
Repayments under the 2011 Term Loan Facility	(8.0		)	—			—			—		(8.0		)
Payments of financing costs	(0.4		)	—			—			—		(0.4		)
Other financing activities	(0.9		)	—			(0.4		)	—		(1.3		)
Net cash (used in) provided by financing activities	(1.9		)	1.2			(2.7		)	—		(3.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.2			—		0.2
Net increase (decrease) in cash and cash equivalents	1.4			(0.1		)	13.3			—		14.6
Cash and cash equivalents at beginning of period	57.7			0.1			43.9			—		101.7
Cash and cash equivalents at end of period	$	59.1		$	—		$	57.2		$	—	$	116.3

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QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Notes)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following is a summary of the Company’s unaudited quarterly results of operations for each of 2014 and 2013:

	Year Ended December 31, 2014
	1st Quarter			2nd Quarter		3rd Quarter		4th Quarter
Net sales	$	469.8		$	497.9	$	472.3	$	501.0
Gross profit	306.3			330.7		307.7		328.0
Income from continuing operations, net of taxes(a) (b)	10.2			15.9		15.8		4.1
(Loss) income from discontinued operations, net of taxes(c)	(3.2		)	3.7		0.4		0.4
Net income(a)(b)	7.0			19.6		16.2		4.5

	Year Ended December 31, 2013
	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Net sales	$	325.9		$	344.7		$	333.1		$	491.0
Gross profit	211.5			222.1			212.0			304.0
(Loss) income from continuing operations, net of taxes(d)(e)(f)	(1.9		)	29.5			11.5			(7.1		)
Loss from discontinued operations, net of taxes	(2.4		)	(2.4		)	(1.5		)	(24.1		)
Net (loss) income (d)(e)(f)	(4.3		)	27.1			10.0			(31.2		)

^(a)  Income from continuing operations and net income for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”).

^(b)  Income from continuing operations and net income for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation).

^(c)  (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations").

^(d)  (Loss) income from continuing operations and net loss for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”).

^(e)  (Loss) income from continuing operations and net (loss) income for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility.

^(f)  (Loss) from continuing operations and net loss for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes.

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SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales and Long-Lived Assets by Geographic Area (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 501.0	$ 472.3	$ 497.9	$ 469.8	$ 491.0	$ 333.1	$ 344.7	$ 325.9	$ 1,941.0	$ 1,494.7	$ 1,396.4
Long-Lived Assets, net	1,117.2				1,152.1				1,117.2	1,152.1
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									1,021.9	832.8	799.8
Percentage of net sales by geographic location (percent)									53.00%	56.00%	57.00%
Long-Lived Assets, net	845.5				837.0				845.5	837.0
Percentage of long lived assets, net by geographic location (percent)	76.00%				73.00%				76.00%	73.00%
Outside of the United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									919.1	661.9	596.6
Percentage of net sales by geographic location (percent)									47.00%	44.00%	43.00%
Long-Lived Assets, net	$ 271.7				$ 315.1				$ 271.7	$ 315.1
Percentage of long lived assets, net by geographic location (percent)	24.00%				27.00%				24.00%	27.00%

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BUSINESS COMBINATION - Pro Forma Information (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended			3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Cost of sales	$ 668.3	$ 545.1	$ 493.8
Depreciation and amortization	102.6	76.7	64.9
Acquisition and integration costs	6.4	25.4	0
The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Net sales		1,911.6			1,908.9
Income from continuing operations, before income taxes		127.2			135.2
Acquisition and integration costs	6.4	25.4		3.8	19.1
Fair Value Adjustment to Inventory [Member] | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Cost of sales		8.5	11.1
Fair Value Adjustment to Property, Plant and Equipment and Intangible Assets [Member] | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Depreciation and amortization		14.3	19.2
Fair Value Adjustment to Goodwill [Member] | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Goodwill, Impairment Loss		9.0	5.3
Acquisition-related Costs [Member] | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Acquisition and integration costs		25.8	0.8
Debt [Member] | The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Interest Expense and Debt Issuance Cost		19.4	24.4
Debt Facility Fees		$ 3.6

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STOCK COMPENSATION PLAN (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

A summary of the restricted stock and restricted stock unit activity for each of 2014, 2013 and 2012 is presented below:

	Restricted Stock (000's)		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2012	257.4		$	7.04
Vested(a)	(257.4	)	7.04
Outstanding at December 31, 2012	—		—
Granted	120.0		24.80
Outstanding at December 31, 2013	120.0		24.80
Granted	693.4		31.01
Vested(a)	(40.0	)	24.80
Outstanding at December 31, 2014	773.4		30.37

^(a)  Of the amounts vested during 2014 and 2012, 22,328 and 83,582 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon, Inc. treasury stock and are not sold on the open market.

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity for each of 2014, 2013 and 2012 is presented below:

	Stock Options (000's)		Weighted Average Exercise Price
Outstanding at January 1, 2012	264.5		$	31.02
Forfeited and expired	(256.4	)	31.06
Outstanding at December 31, 2012	8.1		29.91
Forfeited and expired	(7.3	)	30.17
Outstanding at December 31, 2013	0.8		27.50
Forfeited and expired	(0.8	)	27.50
Outstanding at December 31, 2014	—		—

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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

SCHEDULE II

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2014, 2013 and 2012

(dollars in millions)

	Balance at Beginning of Year		Charged to Cost and Expenses		Other Deductions			Balance at End of Year
Allowance for Doubtful Accounts:
2014	$	4.2	$	8.4	$	(3.3	)	$	9.3
2013	3.5		1.6		(0.9		)	4.2
2012	3.2		0.6		(0.3		)	3.5
Allowance for Volume and Early Payment Discounts:
2014	$	12.1	$	84.7	$	(73.4	)	$	23.4
2013	14.6		57.6		(60.1		)	12.1
2012	15.7		58.4		(59.5		)	14.6
Allowance for Sales Returns:
2014	$	53.1	$	64.3	$	(72.0	)	$	45.4
2013	54.5		77.8		(79.2		)	53.1
2012	57.8		73.7		(77.0		)	54.5

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DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation, Policy [Policy Text Block]

The accompanying Consolidated Financial Statements include the accounts of the Company after the elimination of all material intercompany balances and transactions.

Reclassification, Policy [Policy Text Block]

Certain prior year amounts have been reclassified to conform to the current year presentation.

Use of Estimates, Policy [Policy Text Block]

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to, allowances for doubtful accounts, inventory valuation reserves, expected sales returns and allowances, trade support costs, certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of intangible and long-lived assets, income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities, restructuring costs, certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations.

Discontinued Operations, Policy [Policy Text Block]

Discontinued Operations Presentation

As a result of the Company's decision on December 30, 2013 to exit its business operations in China, the Company has reported the results of its China operations within income (loss) from discontinued operations, net of taxes in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for all periods presented. See Note 4, "Discontinued Operations," for further discussion.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents:

Cash equivalents are primarily investments in high-quality, short-term money market instruments with original maturities of three months or less and are carried at cost, which approximates fair value. Cash equivalents were $6.3 million and $1.2 million as of December 31, 2014 and 2013, respectively. Accounts payable includes $2.2 million and $6.4 million of outstanding checks not yet presented for payment at December 31, 2014 and 2013, respectively.

Certain of the Company's foreign subsidiaries utilize a cash pooling arrangement with a financial institution for cash management purposes. This cash pooling arrangement allows the participating entities to withdraw cash from the financial institution to the extent aggregate cash deposits held by its participating locations are available at the financial institution. To the extent any participating location on an individual basis is in an overdraft position, such overdrafts would be recorded within short-term borrowings in the consolidated balance sheet and reflected as financing activities in the consolidated statement of cash flows, and the cash deposits held as collateral for such overdrafts would be classified as restricted cash within cash and cash equivalents. As of December 31, 2014, the Company had $3.4 million of such overdrafts recorded in short-term borrowings and $3.4 million of restricted cash recorded in cash and cash equivalents in the Consolidated Balance Sheet.

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Trade Receivables:

Trade receivables represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts for balances which are estimated to be uncollectible at December 31, 2014 and 2013, respectively. The Company grants credit terms in the normal course of business to its customers. Trade credit is extended based upon periodically updated evaluations of each customer's ability to perform its payment obligations. The Company does not normally require collateral or other security to support credit sales. The allowance for doubtful accounts is determined based on historical experience and ongoing evaluations of the Company's receivables and evaluations of the risks of payment. The allowance for doubtful accounts is recorded against trade receivable balances when they are deemed uncollectible. Recoveries of trade receivables previously reserved are recorded in the consolidated statements of income and comprehensive income when received. At December 31, 2014 and 2013, the Company's three largest customers accounted for an aggregate of approximately 31% and 30%, respectively, of outstanding trade receivables.

Inventory, Policy [Policy Text Block]

Inventories:

Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company records adjustments to the value of inventory based upon its forecasted plans to sell its inventories, as well as planned product discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing the valuation.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment and Other Assets:

Property, plant and equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets as follows: land improvements, 20 to 30 years; buildings and improvements, 5 to 50 years; machinery and equipment, 3 to 15 years; office furniture and fixtures, 3 to 15 years; and capitalized software, 2 to 5 years. Leasehold improvements and building improvements are amortized over their estimated useful lives or the terms of the leases or remaining life of the original structure, respectively, whichever is shorter. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements are capitalized. See Note 7, “Property, Plant and Equipment, Net” for further discussion of the above.

Included in other assets are permanent wall displays amounting to $63.3 million and $62.7 million as of December 31, 2014 and 2013, respectively, which are amortized generally over a period of 1 to 5 years. In the event of product discontinuances, from time to time the Company may accelerate the amortization of related permanent wall displays based on the estimated remaining useful life of the asset. Amortization expense for permanent wall displays was $42.5 million, $39.2 million and $36.0 million for 2014, 2013 and 2012, respectively. The Company has also included, in other assets, net deferred financing costs related to the issuance of the Company’s debt instruments amounting to $26.9 million and $32.5 million as of December 31, 2014 and 2013, respectively, which are amortized over the terms of the related debt instruments using the effective-interest method.

Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest) resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset. In connection with integrating Colomer into the Company's business, the Company determined it would implement a company-wide, SAP enterprise resource planning system. As a result, the Company recognized a $5.9 million impairment charge related to in-progress capitalized software development costs during the year ended December 31, 2013 which was included as a component of acquisition and integration costs for 2013 in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income. There were no significant impairment of long-lived assets during the years ended December 31, 2014 and 2013.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill:

Goodwill represents the excess purchase price for businesses acquired over the fair value of net assets acquired. Goodwill is not amortized, but rather is reviewed annually for impairment at the reporting unit level using September 30th carrying values, or when there is evidence that events or changes in circumstances indicate that the Company’s carrying amount may not be recovered. For the 2014 and 2013 annual impairment tests, the Company performed a qualitative assessment to determine whether it would be necessary to perform the two-step goodwill impairment test. The Company did not record any impairment of goodwill during 2014, 2013 or 2012. As of December 31, 2014, there have been no significant events since the timing of the Company’s annual impairment test that would have triggered additional impairment testing. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's goodwill.

Intangible Assets, net:

Intangible Assets, net, include trade names and trademarks, customer relationships, patents and internally developed intellectual property ("IP") and acquired licenses. Indefinite-lived intangible assets, consisting of certain trade names, are not amortized, but rather are tested for impairment annually on September 30th, similar to goodwill, and an impairment is recognized if the carrying amount exceeds the fair value of the intangible asset. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. The Company writes off the gross carrying amount and accumulated amortization for intangible assets in the year in which the asset becomes fully amortized. Finite-lived intangible assets are considered for impairment upon certain “triggering events” and an impairment is recognized if the carrying amount of the intangible asset exceeds the estimate of undiscounted future cash flows. There was no impairment of intangible assets in 2014, 2013 and 2012. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's intangible assets, including a summary of finite-lived and indefinite-lived intangible assets.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition and Sales Returns:

The Company's policy is to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable. The Company records revenue from the sale of its products when risk of loss and title to the product transfers to the customer. Net sales are comprised of gross revenues less expected returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognizes the related revenue or the date on which the Company offers the incentive.

The Company allows customers to return their unsold products if and when they meet certain Company-established criteria as set forth in the Company's trade terms. The Company regularly reviews and revises, when deemed necessary, its estimates of sales returns based primarily upon the historical rate of actual product returns, planned product discontinuances, new product launches and estimates of customer inventory and promotional sales. The Company records sales returns as a reduction to sales and cost of sales, and an increase to accrued liabilities and inventories. Returned products, which are recorded as inventories, are valued based upon the amount that the Company expects to realize upon their subsequent disposition. The physical condition and marketability of the returned products are the major factors considered by the Company in estimating their realizable value.

Revenues derived from licensing arrangements, including any pre-payments, are recognized in the period in which they are earned, but not before the initial license term commences.

Cost of Sales, Policy [Policy Text Block]

Cost of Sales:

Cost of sales includes all of the costs to manufacture the Company's products. For products manufactured in the Company's own facilities, such costs include raw materials and supplies, direct labor and factory overhead. For products manufactured for the Company by third-party contractors, such cost represents the amounts invoiced by the contractors. Cost of sales also includes the cost of refurbishing products returned by customers that will be offered for resale and the cost of inventory write-downs associated with adjustments of held inventories to their net realizable value. These costs are reflected in the Company’s consolidated statements of income and comprehensive income when the product is sold and net sales revenues are recognized or, in the case of inventory write-downs, when circumstances indicate that the carrying value of inventories is in excess of their recoverable value. Additionally, cost of sales reflects the costs associated with any free products included as sales and promotional incentives. These incentive costs are recognized on the later of the date that the Company recognizes the related revenue or the date on which the Company offers the incentive.

Selling, General and Administrative Expenses, Policy [Policy Text Block]

Selling, General and Administrative Expenses:

Selling, general and administrative (“SG&A”) expenses include expenses to advertise the Company's products, such as television advertising production costs and air-time costs, print advertising costs, digital marketing costs, promotional displays and consumer promotions. SG&A expenses also include the amortization of permanent wall displays and intangible assets, depreciation of certain fixed assets, distribution costs (such as freight and handling), non-manufacturing overhead (principally personnel and related expenses), selling and trade educations fees, insurance and professional service fees.

Advertising Costs, Policy [Policy Text Block]

Advertising:

Advertising within SG&A expenses includes television, print, digital marketing and other advertising production costs which are expensed the first time the advertising takes place. The costs of promotional displays are expensed in the period in which they are shipped to customers. Advertising expenses were $383.2 million, $278.5 million and $252.6 million for 2014, 2013 and 2012, respectively, and were included in SG&A expenses in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income. The Company also has various arrangements with customers pursuant to its trade terms to reimburse them for a portion of their advertising costs, which provide advertising benefits to the Company. Additionally, from time to time the Company may pay fees to customers in order to expand or maintain shelf space for its products. The costs that the Company incurs for "cooperative" advertising programs, end cap placement, shelf placement costs, slotting fees and marketing development funds, if any, are expensed as incurred and are recorded as a reduction within net sales.

Distribution Expenses, Policy [Policy Text Block]

Distribution Costs:

Costs, such as freight and handling costs, associated with product distribution are recorded within SG&A expenses when incurred. Distribution costs were $84.9 million, $66.5 million and $61.1 million for 2014, 2013 and 2012, respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes:

Income taxes are calculated using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Research and Development Expense, Policy [Policy Text Block]

Research and Development:

Research and development expenditures are expensed as incurred and included within SG&A expenses. The amounts charged in 2014, 2013 and 2012 for research and development expenditures were $31.6 million, $26.9 million and $24.2 million, respectively.

Impact of Foreign Currency Translation [Policy Text Block]

Foreign Currency Translation:

Assets and liabilities of foreign operations are translated into U.S. Dollars at the rates of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted average exchange rates prevailing during each period presented. Gains and losses resulting from foreign currency transactions are included in the results of operations. Gains and losses resulting from translation of financial statements of foreign subsidiaries and branches operating in non-hyperinflationary economies are recorded as a component of accumulated other comprehensive loss until either the sale or upon the complete or substantially complete liquidation by the Company of its investment in a foreign entity. To the extent that foreign subsidiaries and branches operate in hyperinflationary economies, non-monetary assets and liabilities are translated at historical rates and translation adjustments are included in the Company's results of operations.

Venezuela - Highly-Inflationary Economy: Effective January 1, 2010, Venezuela was designated as a highly inflationary economy under U.S. GAAP. As a result, beginning January 1, 2010, the U.S. Dollar is the functional currency for the Company’s subsidiary in Venezuela (“Revlon Venezuela”). As Venezuela is designated as highly inflationary, currency translation adjustments of Revlon Venezuela’s balance sheet are reflected in the Company's earnings.

Venezuela - Currency Restrictions: Currency restrictions enacted by the Venezuelan government in 2003 have become more restrictive and have impacted Revlon Venezuela’s ability to obtain U.S. dollars in exchange for Venezuelan Bolivars ("Bolivars") at the official foreign exchange rates from the Venezuelan government and its foreign exchange commission, the Comisiónde Administracion de Divisas (“CADIVI”). In May 2010, the Venezuelan government took control over the previously freely-traded foreign currency exchange market and, in June 2010, replaced it with a new foreign currency exchange system, the Sistema de Transacciones en Moneda Extranjera (“SITME”). In the second quarter of 2011, the Company began using a SITME rate of 5.5 Bolivars per U.S. dollar to translate Revlon Venezuela’s financial statements, as this was the rate at which the Company accessed U.S. dollars in the SITME market during this period (the “SITME Rate”). Through December 31, 2012, the Company continued using the SITME Rate to translate Revlon Venezuela’s financial statements.

Venezuela - 2013 Currency Devaluation: In February 2013, the Venezuelan government announced the devaluation of its local currency, Bolivars, relative to the U.S. Dollar, changing the official exchange rate to 6.3 Bolivars per U.S. Dollar (the "Official Rate"). The Venezuelan government also announced that the SITME currency market administered by the central bank would be eliminated, and as a result, the Company began using the Official Rate of 6.3 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning in 2013. To reflect the impact of the currency devaluation, a one-time foreign currency loss of $0.6 million was recorded in earnings during the first quarter of 2013 as a result of the required re-measurement of Revlon Venezuela’s monetary assets and liabilities.

Venezuela - 2014 Currency Devaluation: In January 2014, the Venezuela government announced that the CADIVI would be replaced by the government-operated National Center of Foreign Commerce (the "CENCOEX"), and indicated that the Sistema Complementario de Administración de Divisas (“SICAD”) market would continue to be offered as an alternative foreign currency exchange. Additionally, a parallel foreign currency exchange system, SICAD II, started functioning in March 2014 and allows companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. During 2014, the SICAD II exchange system has had an average transaction rate to the Company of approximately 53 Bolivars per U.S. Dollar (the “SICAD II Rate”).

Throughout 2014, the Company exchanged Bolivars for U.S. Dollars to the extent permitted through the various foreign currency markets available based on its ability to participate in those markets. Prior to June 30, 2014, the Company utilized the Official Rate of 6.3 Bolivars per U.S. Dollar. Following a consideration of the Company's specific facts and circumstances, which included its legal ability and intent to participate in the SICAD II exchange market to import finished goods into Venezuela, the Company determined that it was appropriate to utilize the SICAD II Rate of 53Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning on June 30, 2014. As a result, the Company recorded a foreign currency loss of $6.0 million in the second quarter of 2014 related to the required re-measurement of Revlon Venezuela’s monetary assets and liabilities.

For 2014, the change to the SICAD II Rate of 53 Bolivars per U.S. Dollar, as compared to the Official Rate of 6.3 Bolivars per U.S. Dollar, has had the impact of reducing the Company's consolidated net sales by $16.2 million and reducing the Company's consolidated operating income by $8.4 million.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation:

The Company recognizes stock-based compensation costs for its restricted stock, measured at the fair value of each award at the time of grant, as an expense over the period during which an employee is required to provide service. Upon the vesting of restricted stock, any resulting tax benefits are recognized in additional paid-in-capital. Any resulting tax deficiencies are recognized in the consolidated statements of income and comprehensive income as tax expense to the extent that the tax deficiency amount exceeds any existing additional paid-in-capital resulting from previously realized excess tax benefits from previous awards. The Company reflects such excess tax benefits as cash flows from financing activities in the consolidated statements of cash flows.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments:

The Company is exposed to certain risks relating to its ongoing business operations. The Company uses derivative financial instruments, including (i) foreign currency forward exchange contracts (“FX Contracts”) intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows and (ii) interest rate hedging transactions intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness.

Foreign Currency Forward Exchange Contracts

Products Corporation enters into FX Contracts primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company does not apply hedge accounting to its FX Contracts. The Company records FX Contracts in its consolidated balance sheet at fair value and changes in fair value are immediately recognized in earnings. Fair value of the Company’s FX Contracts is determined by using observable market transactions of spot and forward rates. See Note 13, “Financial Instruments” for further discussion of the Company's FX Contracts.

Interest Rate Swap

In November 2013, Products Corporation executed the 2013 Interest Rate Swap (as hereinafter defined), which has been designated as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan (as hereinafter defined). The Company records changes in the fair value of cash flow hedges that are designated as effective instruments as a component of accumulated other comprehensive loss.  Any ineffectiveness in such cash flow hedges is immediately recognized in earnings. Gains and losses deferred in accumulated other comprehensive loss are recognized in current-period earnings when earnings are affected by the variability of cash flows of the hedged forecasted transaction.  See Note 13, “Financial Instruments” for further discussion of the Company's 2013 Interest Rate Swap.

Recently Adopted Accounting Pronouncements [Policy Text Block]

Recently Adopted Accounting Pronouncements

In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements are also required. The Company adopted ASU No. 2013-04 on January 1, 2014, which is required to be applied retrospectively for obligations that existed at that date. The adoption of ASU No. 2013-04 did not have an impact on the Company's results of operations, financial condition or financial statement disclosures.

In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for a parent company's accounting for the release of the cumulative translation adjustment into net income. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The Company adopted ASU No. 2013-05 on January 1, 2014 and its adoption did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures.

In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations Topic 805, Pushdown Accounting." The new standard eliminates previous pushdown accounting requirements and provides the option to apply pushdown accounting in separate financial statements upon a change-in-control event. The election is available to the acquired company, as well as to any direct or indirect subsidiaries of the acquired company. Each acquired company or any of its subsidiaries can make its own election independently. The new standard is effective immediately for all new change-in-control events or those occurring in periods for which financial statements have not yet been issued. Accordingly, a company can make an election regarding pushdown accounting for a change-in-control event that occurred in any open financial reporting period. The adoption of ASU No. 2014-17 did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures.

Recently Issued Accounting Standards or Updates Not Yet Effective

In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which changes the requirements for reporting discontinued operations under Accounting Standards Codification ("Codification") Topic 205. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment or (iv) other major parts of an entity. ASU No. 2014-08 no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations or (ii) there is significant continuing involvement with a component after its disposal. Additional disclosures about discontinued operations will also be required. The guidance is effective for annual periods beginning on or after December 15, 2014, and is applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company adopted ASU No. 2014-08 on a prospective basis beginning January 1, 2015 and the Company will assess the impact that the new standard will have on the Company's results of operation, financial condition and disclosures at the time a transaction for which the standard is applicable occurs.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company expects to adopt ASU No. 2014-09 beginning January 1, 2017 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and disclosures.

In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures if conditions give rise to substantial doubt. According to the new standard, substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. The likelihood threshold of "probable", similar to its current use in U.S. GAAP for loss contingencies, will be used to define substantial doubt. Disclosures will be required if conditions give rise to substantial doubt including whether and how management's plans will alleviate the substantial doubt. The guidance is effective for annual periods beginning after December 15, 2015, with early adoption prohibited. The Company expects to adopt ASU No. 2014-15 beginning January 1, 2016 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and financial statement disclosures.

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DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revlon Consumer Products Corporation ("Products Corporation" and together with its subsidiaries, the "Company") is the direct wholly-owned operating subsidiary of Revlon, Inc., which is a direct and indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation wholly-owned by Ronald O. Perelman. The Company’s vision is to establish Revlon as the quintessential and most innovative beauty company in the world by offering products that make consumers feel attractive and beautiful. We want to inspire our consumers to express themselves boldly and confidently. The Company operates in two segments, the consumer division (“Consumer”) and the professional division (“Professional”), and manufactures, markets and sells worldwide an extensive array of beauty and personal care products, including cosmetics, hair color, hair care and hair treatments, beauty tools, men's grooming products, anti-perspirant deodorants, fragrances, skincare and other beauty care products. The Company’s principal customers for its products in the Consumer segment include large mass volume retailers and chain drug and food stores (collectively, the “mass retail channel”) in the U.S. and internationally, as well as certain department stores and other specialty stores, such as perfumeries, outside the U.S. The Company's principal customers for its products in the Professional segment include hair and nail salons and distributors in the U.S. and internationally.

The accompanying Consolidated Financial Statements include the accounts of the Company after the elimination of all material intercompany balances and transactions. Certain prior year amounts have been reclassified to conform to the current year presentation.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to, allowances for doubtful accounts, inventory valuation reserves, expected sales returns and allowances, trade support costs, certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of intangible and long-lived assets, income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities, restructuring costs, certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations.

Immaterial Correction - Presentation of Consolidated Balance Sheet as of December 31, 2013

Deferred income taxes - noncurrent, which represented the Company's noncurrent deferred tax assets, and other long-term liabilities, which include the Company's noncurrent deferred tax liabilities, as of December 31, 2013 were retrospectively corrected in the second quarter of 2014 to reflect the Consumer and Professional U.S. entities as one tax-paying component, as well as to appropriately reflect offsetting noncurrent deferred tax assets and noncurrent deferred tax liabilities within other Professional entities. The Company has deemed the correction to be immaterial as there was no impact to the Company’s results of operations, cash flows and stockholder's deficiency for any period, and there are no qualitative factors which would indicate that the change is material. This immaterial correction decreased deferred income taxes - noncurrent and other long-term liabilities, as of December 31, 2013, to $50.9 million and $80.1 million, respectively, as reported in the accompanying Consolidated Balance Sheet, from the previously reported amounts of $179.6 million and $194.0 million, respectively.

Discontinued Operations Presentation

As a result of the Company's decision on December 30, 2013 to exit its business operations in China, the Company has reported the results of its China operations within income (loss) from discontinued operations, net of taxes in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for all periods presented. See Note 4, "Discontinued Operations," for further discussion.

Cash and Cash Equivalents:

Cash equivalents are primarily investments in high-quality, short-term money market instruments with original maturities of three months or less and are carried at cost, which approximates fair value. Cash equivalents were $6.3 million and $1.2 million as of December 31, 2014 and 2013, respectively. Accounts payable includes $2.2 million and $6.4 million of outstanding checks not yet presented for payment at December 31, 2014 and 2013, respectively.

Certain of the Company's foreign subsidiaries utilize a cash pooling arrangement with a financial institution for cash management purposes. This cash pooling arrangement allows the participating entities to withdraw cash from the financial institution to the extent aggregate cash deposits held by its participating locations are available at the financial institution. To the extent any participating location on an individual basis is in an overdraft position, such overdrafts would be recorded within short-term borrowings in the consolidated balance sheet and reflected as financing activities in the consolidated statement of cash flows, and the cash deposits held as collateral for such overdrafts would be classified as restricted cash within cash and cash equivalents. As of December 31, 2014, the Company had $3.4 million of such overdrafts recorded in short-term borrowings and $3.4 million of restricted cash recorded in cash and cash equivalents in the Consolidated Balance Sheet.

Trade Receivables:

Trade receivables represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts for balances which are estimated to be uncollectible at December 31, 2014 and 2013, respectively. The Company grants credit terms in the normal course of business to its customers. Trade credit is extended based upon periodically updated evaluations of each customer's ability to perform its payment obligations. The Company does not normally require collateral or other security to support credit sales. The allowance for doubtful accounts is determined based on historical experience and ongoing evaluations of the Company's receivables and evaluations of the risks of payment. The allowance for doubtful accounts is recorded against trade receivable balances when they are deemed uncollectible. Recoveries of trade receivables previously reserved are recorded in the consolidated statements of income and comprehensive income when received. At December 31, 2014 and 2013, the Company's three largest customers accounted for an aggregate of approximately 31% and 30%, respectively, of outstanding trade receivables.

Inventories:

Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company records adjustments to the value of inventory based upon its forecasted plans to sell its inventories, as well as planned product discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing the valuation.

Property, Plant and Equipment and Other Assets:

Property, plant and equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets as follows: land improvements, 20 to 30 years; buildings and improvements, 5 to 50 years; machinery and equipment, 3 to 15 years; office furniture and fixtures, 3 to 15 years; and capitalized software, 2 to 5 years. Leasehold improvements and building improvements are amortized over their estimated useful lives or the terms of the leases or remaining life of the original structure, respectively, whichever is shorter. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements are capitalized. See Note 7, “Property, Plant and Equipment, Net” for further discussion of the above.

Included in other assets are permanent wall displays amounting to $63.3 million and $62.7 million as of December 31, 2014 and 2013, respectively, which are amortized generally over a period of 1 to 5 years. In the event of product discontinuances, from time to time the Company may accelerate the amortization of related permanent wall displays based on the estimated remaining useful life of the asset. Amortization expense for permanent wall displays was $42.5 million, $39.2 million and $36.0 million for 2014, 2013 and 2012, respectively. The Company has also included, in other assets, net deferred financing costs related to the issuance of the Company’s debt instruments amounting to $26.9 million and $32.5 million as of December 31, 2014 and 2013, respectively, which are amortized over the terms of the related debt instruments using the effective-interest method.

Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest) resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset. In connection with integrating Colomer into the Company's business, the Company determined it would implement a company-wide, SAP enterprise resource planning system. As a result, the Company recognized a $5.9 million impairment charge related to in-progress capitalized software development costs during the year ended December 31, 2013 which was included as a component of acquisition and integration costs for 2013 in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income. There were no significant impairment of long-lived assets during the years ended December 31, 2014 and 2013.

Goodwill:

Goodwill represents the excess purchase price for businesses acquired over the fair value of net assets acquired. Goodwill is not amortized, but rather is reviewed annually for impairment at the reporting unit level using September 30th carrying values, or when there is evidence that events or changes in circumstances indicate that the Company’s carrying amount may not be recovered. For the 2014 and 2013 annual impairment tests, the Company performed a qualitative assessment to determine whether it would be necessary to perform the two-step goodwill impairment test. The Company did not record any impairment of goodwill during 2014, 2013 or 2012. As of December 31, 2014, there have been no significant events since the timing of the Company’s annual impairment test that would have triggered additional impairment testing. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's goodwill.

Intangible Assets, net:

Intangible Assets, net, include trade names and trademarks, customer relationships, patents and internally developed intellectual property ("IP") and acquired licenses. Indefinite-lived intangible assets, consisting of certain trade names, are not amortized, but rather are tested for impairment annually on September 30th, similar to goodwill, and an impairment is recognized if the carrying amount exceeds the fair value of the intangible asset. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. The Company writes off the gross carrying amount and accumulated amortization for intangible assets in the year in which the asset becomes fully amortized. Finite-lived intangible assets are considered for impairment upon certain “triggering events” and an impairment is recognized if the carrying amount of the intangible asset exceeds the estimate of undiscounted future cash flows. There was no impairment of intangible assets in 2014, 2013 and 2012. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's intangible assets, including a summary of finite-lived and indefinite-lived intangible assets.

Revenue Recognition and Sales Returns:

The Company's policy is to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable. The Company records revenue from the sale of its products when risk of loss and title to the product transfers to the customer. Net sales are comprised of gross revenues less expected returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognizes the related revenue or the date on which the Company offers the incentive.

The Company allows customers to return their unsold products if and when they meet certain Company-established criteria as set forth in the Company's trade terms. The Company regularly reviews and revises, when deemed necessary, its estimates of sales returns based primarily upon the historical rate of actual product returns, planned product discontinuances, new product launches and estimates of customer inventory and promotional sales. The Company records sales returns as a reduction to sales and cost of sales, and an increase to accrued liabilities and inventories. Returned products, which are recorded as inventories, are valued based upon the amount that the Company expects to realize upon their subsequent disposition. The physical condition and marketability of the returned products are the major factors considered by the Company in estimating their realizable value.

Revenues derived from licensing arrangements, including any pre-payments, are recognized in the period in which they are earned, but not before the initial license term commences.

Cost of Sales:

Cost of sales includes all of the costs to manufacture the Company's products. For products manufactured in the Company's own facilities, such costs include raw materials and supplies, direct labor and factory overhead. For products manufactured for the Company by third-party contractors, such cost represents the amounts invoiced by the contractors. Cost of sales also includes the cost of refurbishing products returned by customers that will be offered for resale and the cost of inventory write-downs associated with adjustments of held inventories to their net realizable value. These costs are reflected in the Company’s consolidated statements of income and comprehensive income when the product is sold and net sales revenues are recognized or, in the case of inventory write-downs, when circumstances indicate that the carrying value of inventories is in excess of their recoverable value. Additionally, cost of sales reflects the costs associated with any free products included as sales and promotional incentives. These incentive costs are recognized on the later of the date that the Company recognizes the related revenue or the date on which the Company offers the incentive.

Selling, General and Administrative Expenses:

Selling, general and administrative (“SG&A”) expenses include expenses to advertise the Company's products, such as television advertising production costs and air-time costs, print advertising costs, digital marketing costs, promotional displays and consumer promotions. SG&A expenses also include the amortization of permanent wall displays and intangible assets, depreciation of certain fixed assets, distribution costs (such as freight and handling), non-manufacturing overhead (principally personnel and related expenses), selling and trade educations fees, insurance and professional service fees.

Advertising:

Advertising within SG&A expenses includes television, print, digital marketing and other advertising production costs which are expensed the first time the advertising takes place. The costs of promotional displays are expensed in the period in which they are shipped to customers. Advertising expenses were $383.2 million, $278.5 million and $252.6 million for 2014, 2013 and 2012, respectively, and were included in SG&A expenses in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income. The Company also has various arrangements with customers pursuant to its trade terms to reimburse them for a portion of their advertising costs, which provide advertising benefits to the Company. Additionally, from time to time the Company may pay fees to customers in order to expand or maintain shelf space for its products. The costs that the Company incurs for "cooperative" advertising programs, end cap placement, shelf placement costs, slotting fees and marketing development funds, if any, are expensed as incurred and are recorded as a reduction within net sales.

Distribution Costs:

Costs, such as freight and handling costs, associated with product distribution are recorded within SG&A expenses when incurred. Distribution costs were $84.9 million, $66.5 million and $61.1 million for 2014, 2013 and 2012, respectively.

Income Taxes:

Income taxes are calculated using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Research and Development:

Research and development expenditures are expensed as incurred and included within SG&A expenses. The amounts charged in 2014, 2013 and 2012 for research and development expenditures were $31.6 million, $26.9 million and $24.2 million, respectively.

Foreign Currency Translation:

Assets and liabilities of foreign operations are translated into U.S. Dollars at the rates of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted average exchange rates prevailing during each period presented. Gains and losses resulting from foreign currency transactions are included in the results of operations. Gains and losses resulting from translation of financial statements of foreign subsidiaries and branches operating in non-hyperinflationary economies are recorded as a component of accumulated other comprehensive loss until either the sale or upon the complete or substantially complete liquidation by the Company of its investment in a foreign entity. To the extent that foreign subsidiaries and branches operate in hyperinflationary economies, non-monetary assets and liabilities are translated at historical rates and translation adjustments are included in the Company's results of operations.

Venezuela - Highly-Inflationary Economy: Effective January 1, 2010, Venezuela was designated as a highly inflationary economy under U.S. GAAP. As a result, beginning January 1, 2010, the U.S. Dollar is the functional currency for the Company’s subsidiary in Venezuela (“Revlon Venezuela”). As Venezuela is designated as highly inflationary, currency translation adjustments of Revlon Venezuela’s balance sheet are reflected in the Company's earnings.

Venezuela - Currency Restrictions: Currency restrictions enacted by the Venezuelan government in 2003 have become more restrictive and have impacted Revlon Venezuela’s ability to obtain U.S. dollars in exchange for Venezuelan Bolivars ("Bolivars") at the official foreign exchange rates from the Venezuelan government and its foreign exchange commission, the Comisiónde Administracion de Divisas (“CADIVI”). In May 2010, the Venezuelan government took control over the previously freely-traded foreign currency exchange market and, in June 2010, replaced it with a new foreign currency exchange system, the Sistema de Transacciones en Moneda Extranjera (“SITME”). In the second quarter of 2011, the Company began using a SITME rate of 5.5 Bolivars per U.S. dollar to translate Revlon Venezuela’s financial statements, as this was the rate at which the Company accessed U.S. dollars in the SITME market during this period (the “SITME Rate”). Through December 31, 2012, the Company continued using the SITME Rate to translate Revlon Venezuela’s financial statements.

Venezuela - 2013 Currency Devaluation: In February 2013, the Venezuelan government announced the devaluation of its local currency, Bolivars, relative to the U.S. Dollar, changing the official exchange rate to 6.3 Bolivars per U.S. Dollar (the "Official Rate"). The Venezuelan government also announced that the SITME currency market administered by the central bank would be eliminated, and as a result, the Company began using the Official Rate of 6.3 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning in 2013. To reflect the impact of the currency devaluation, a one-time foreign currency loss of $0.6 million was recorded in earnings during the first quarter of 2013 as a result of the required re-measurement of Revlon Venezuela’s monetary assets and liabilities.

Venezuela - 2014 Currency Devaluation: In January 2014, the Venezuela government announced that the CADIVI would be replaced by the government-operated National Center of Foreign Commerce (the "CENCOEX"), and indicated that the Sistema Complementario de Administración de Divisas (“SICAD”) market would continue to be offered as an alternative foreign currency exchange. Additionally, a parallel foreign currency exchange system, SICAD II, started functioning in March 2014 and allows companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. During 2014, the SICAD II exchange system has had an average transaction rate to the Company of approximately 53 Bolivars per U.S. Dollar (the “SICAD II Rate”).

Throughout 2014, the Company exchanged Bolivars for U.S. Dollars to the extent permitted through the various foreign currency markets available based on its ability to participate in those markets. Prior to June 30, 2014, the Company utilized the Official Rate of 6.3 Bolivars per U.S. Dollar. Following a consideration of the Company's specific facts and circumstances, which included its legal ability and intent to participate in the SICAD II exchange market to import finished goods into Venezuela, the Company determined that it was appropriate to utilize the SICAD II Rate of 53Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning on June 30, 2014. As a result, the Company recorded a foreign currency loss of $6.0 million in the second quarter of 2014 related to the required re-measurement of Revlon Venezuela’s monetary assets and liabilities.

For 2014, the change to the SICAD II Rate of 53 Bolivars per U.S. Dollar, as compared to the Official Rate of 6.3 Bolivars per U.S. Dollar, has had the impact of reducing the Company's consolidated net sales by $16.2 million and reducing the Company's consolidated operating income by $8.4 million.

Classes of Stock:

Products Corporation designated 1,000 shares of preferred stock as the “RCPC Preferred Stock”, of which 546 shares were outstanding as of December 31, 2014 and all of which are held by Revlon, Inc. The holder of the RCPC Preferred Stock is not entitled to receive any dividends. The RCPC Preferred Stock is entitled to a liquidation preference of $100,000 per share before any distribution is made to the holder of Products Corporation’s common stock. The holder of the RCPC Preferred Stock does not have any voting rights, except as required by law. The RCPC Preferred Stock may be redeemed at any time by Products Corporation, at its option, for $100,000 per share. However, the terms of Products Corporation’s various debt agreements currently restrict Products Corporation’s ability to effect such redemption.

Stock-Based Compensation:

The Company recognizes stock-based compensation costs for its restricted stock, measured at the fair value of each award at the time of grant, as an expense over the period during which an employee is required to provide service. Upon the vesting of restricted stock, any resulting tax benefits are recognized in additional paid-in-capital. Any resulting tax deficiencies are recognized in the consolidated statements of income and comprehensive income as tax expense to the extent that the tax deficiency amount exceeds any existing additional paid-in-capital resulting from previously realized excess tax benefits from previous awards. The Company reflects such excess tax benefits as cash flows from financing activities in the consolidated statements of cash flows.

Derivative Financial Instruments:

The Company is exposed to certain risks relating to its ongoing business operations. The Company uses derivative financial instruments, including (i) foreign currency forward exchange contracts (“FX Contracts”) intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows and (ii) interest rate hedging transactions intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness.

Foreign Currency Forward Exchange Contracts

Products Corporation enters into FX Contracts primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company does not apply hedge accounting to its FX Contracts. The Company records FX Contracts in its consolidated balance sheet at fair value and changes in fair value are immediately recognized in earnings. Fair value of the Company’s FX Contracts is determined by using observable market transactions of spot and forward rates. See Note 13, “Financial Instruments” for further discussion of the Company's FX Contracts.

Interest Rate Swap

In November 2013, Products Corporation executed the 2013 Interest Rate Swap (as hereinafter defined), which has been designated as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan (as hereinafter defined). The Company records changes in the fair value of cash flow hedges that are designated as effective instruments as a component of accumulated other comprehensive loss.  Any ineffectiveness in such cash flow hedges is immediately recognized in earnings. Gains and losses deferred in accumulated other comprehensive loss are recognized in current-period earnings when earnings are affected by the variability of cash flows of the hedged forecasted transaction.  See Note 13, “Financial Instruments” for further discussion of the Company's 2013 Interest Rate Swap.

Recently Adopted Accounting Pronouncements

In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements are also required. The Company adopted ASU No. 2013-04 on January 1, 2014, which is required to be applied retrospectively for obligations that existed at that date. The adoption of ASU No. 2013-04 did not have an impact on the Company's results of operations, financial condition or financial statement disclosures.

In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for a parent company's accounting for the release of the cumulative translation adjustment into net income. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The Company adopted ASU No. 2013-05 on January 1, 2014 and its adoption did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures.

In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations Topic 805, Pushdown Accounting." The new standard eliminates previous pushdown accounting requirements and provides the option to apply pushdown accounting in separate financial statements upon a change-in-control event. The election is available to the acquired company, as well as to any direct or indirect subsidiaries of the acquired company. Each acquired company or any of its subsidiaries can make its own election independently. The new standard is effective immediately for all new change-in-control events or those occurring in periods for which financial statements have not yet been issued. Accordingly, a company can make an election regarding pushdown accounting for a change-in-control event that occurred in any open financial reporting period. The adoption of ASU No. 2014-17 did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures.

Recently Issued Accounting Standards or Updates Not Yet Effective

In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which changes the requirements for reporting discontinued operations under Accounting Standards Codification ("Codification") Topic 205. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment or (iv) other major parts of an entity. ASU No. 2014-08 no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations or (ii) there is significant continuing involvement with a component after its disposal. Additional disclosures about discontinued operations will also be required. The guidance is effective for annual periods beginning on or after December 15, 2014, and is applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company adopted ASU No. 2014-08 on a prospective basis beginning January 1, 2015 and the Company will assess the impact that the new standard will have on the Company's results of operation, financial condition and disclosures at the time a transaction for which the standard is applicable occurs.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company expects to adopt ASU No. 2014-09 beginning January 1, 2017 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and disclosures.

In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures if conditions give rise to substantial doubt. According to the new standard, substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. The likelihood threshold of "probable", similar to its current use in U.S. GAAP for loss contingencies, will be used to define substantial doubt. Disclosures will be required if conditions give rise to substantial doubt including whether and how management's plans will alleviate the substantial doubt. The guidance is effective for annual periods beginning after December 15, 2015, with early adoption prohibited. The Company expects to adopt ASU No. 2014-15 beginning January 1, 2016 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and financial statement disclosures.

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BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2014

Business Acquisition [Line Items]

Schedule of Acquisition and Integration Costs

For 2014 and 2013, respectively, the Company has incurred acquisition and integration costs related to the Colomer Acquisition, summarized as follows:

	Year Ended December 31,
	2014		2013
Acquisition costs	$	0.5	$	12.9
Integration costs	5.9		12.5
Total acquisition and integration costs	$	6.4	$	25.4

The Colomer Group Participations, S.L.

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The total consideration of $664.5 million was recorded based on the respective estimated fair values of the net assets acquired on the Acquisition Date with resulting goodwill, as follows:

	Amounts Previously Recognized as of October 9, 2013 (Provisional) (a)		Measurement Period Adjustments			Amounts Recognized as of Acquisition Date (Adjusted)
Cash and cash equivalents	$	36.9	$	—		$	36.9
Trade receivables	83.9		—			83.9
Inventories	75.1		—			75.1
Prepaid expenses and other	31.3		—			31.3
Property, plant and equipment	96.7		—			96.7
Intangible assets(b)	292.7		5.4			298.1
Goodwill(b)(c)	255.7		(2.4		)	253.3
Deferred tax asset - noncurrent	53.1		—			53.1
Other assets(c)	1.9		3.9			5.8
Total assets acquired	927.3		6.9			934.2
Accounts payable	48.0		—			48.0
Accrued expenses and other	65.6		—			65.6
Long-term debt	0.9		—			0.9
Long-term pension and other benefit plan liabilities	4.5		—			4.5
Deferred tax liability(b)	123.3		2.1			125.4
Other long-term liabilities(c)	20.5		4.8			25.3
Total liabilities assumed	262.8		6.9			269.7
Total consideration	$	664.5	$	—		$	664.5

^(a) As previously reported in the Company's 2013 Annual Report on Form 10-K.

^(b) The Measurement Period Adjustments to intangible assets, deferred tax liability and goodwill in the first quarter of 2014 related to a change in assumptions used to calculate the fair value of an acquired customer relationship intangible asset, which increased the intangible asset by $5.4 million and extended the life of the asset from 10 to 20 years, increased deferred tax liabilities by $2.1 million, and resulted in a net decrease to goodwill of $3.3 million.

^(c) The Company recorded a $3.9 million income tax adjustment to the beginning tax balance within other assets and a $4.8 million adjustment to other long-term liabilities, resulting in a net increase to goodwill of $0.9 million.

Schedule of Intangible Assets Acquired

The acquired intangible assets, based on the fair values of the identifiable intangible assets, are as follows:

	Fair Values at October 9, 2013		Weighted Average Useful Life (in years)
Trade names, indefinite-lived	$	108.6	Indefinite
Trade names, finite-lived	109.4		5 - 20
Customer relationships	62.4		15 - 20
License agreement	4.1		10
Internally-developed IP	13.6		10
Total acquired intangible assets	$	298.1

Pro Forma Information

The following table presents the Company's pro forma consolidated net sales and income from continuing operations, before income taxes for 2013 and 2012.

	Unaudited Pro Forma Results
	Year Ended December 31,
	2013		2012
Net sales	$	1,908.9	$	1,911.6
Income from continuing operations, before income taxes	135.2		127.2

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PENSION AND POST-RETIREMENT BENEFITS Saving Plan, Pension and Post-Retirement Benefits - Weighted-average Assumptions Used to Determine Projected Benefit Obligation for Current Year (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
United States Pension Plan of US Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.89%	4.68%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	3.00%	3.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	7.75%	7.75%	7.75%
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.74%	4.48%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	2.33%	3.40%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	6.00%	6.00%	6.22%

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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt [Table Text Block]

The aggregate amounts of contractual long-term debt maturities at December 31, 2014 in the years 2015 through 2019 and thereafter are as follows:

Years Ended December 31,	Long-Term Debt Maturities
2015	$	31.5		(a)
2016	7.0			(a)
2017	669.8			(b)
2018	7.0			(a)
2019	653.1			(c)
Thereafter	500.3			(d)
Total long-term debt	1,868.7
Discounts	(4.8		)
Total long-term debt, net of discounts	$	1,863.9

^(a)  Amount includes the quarterly amortization payments required under the Acquisition Term Loan as well as the required $24.6 million “excess cash flow” prepayment to be made on or before April 10, 2015 under the Amended Term Loan Agreement (as defined under the Amended Term Loan Agreement).

^(b)  Amount includes the aggregate principal amount expected to be outstanding under the 2011 Term Loan which matures on November 19, 2017, after giving effect to the quarterly amortization payments required under the Acquisition Term Loan and the excess cash flow prepayment referred to in note (a) above.

^(c)  Amount is comprised of the aggregate principal amount expected to be outstanding under the Acquisition Term Loan assuming a maturity date of October 9, 2019, after giving effect to the amortization payments and excess cash flow prepayment referred to in note (a) above.

^(d)  Amount is primarily comprised of the $500.0 million aggregate principal amount outstanding as of December 31, 2014 under the 5¾% Senior Notes, which mature on February 21, 2021.

Schedule of Variable Rates on Revolving Credit Facility [Table Text Block]

Under the Amended Revolving Credit Facility, borrowings (other than loans in foreign currencies) bear interest, if made as Eurodollar Loans, at the Eurodollar Rate plus the applicable margin set forth in the grid below and, if made as Alternate Base Rate Loans, at the Alternate Base Rate plus the applicable margin set forth in the grid below.

Excess Availability	Alternate Base Rate Loans	Eurodollar Loans, Eurocurrency Loan or Local Rate Loans
Greater than or equal to $92,000,000	0.50%	1.50%
Less than $92,000,000 but greater than or equal to $46,000,000	0.75%	1.75%
Less than $46,000,000	1.00%	2.00%

Components of Long-Term Debt

	December 31, 2014			December 31, 2013
Amended Term Loan Facility: Acquisition Term Loan due 2019, net of discounts (see (a) below)	$	691.6		$	698.3
Amended Term Loan Facility: 2011 Term Loan due 2017, net of discounts (see (a) below)	671.6			670.1
Amended Revolving Credit Facility (see (a) below)	—			—
5¾% Senior Notes due 2021 (see (b) below)	500.0			500.0
Non-Contributed Loan portion of the Amended and Restated Senior Subordinated Term Loan due 2014 (see (c) below)	—			58.4
Spanish Government Loan due 2025 (see (d) below)	0.7			0.9
	1,863.9			1,927.7
Less current portion (*)	(31.5		)	(65.4		)
	$	1,832.4		$	1,862.3

(*) The Company classified $31.5 million of long-term debt as a current liability, which is primarily comprised of the $24.6 million required “excess cash flow” prepayment (as defined under Amended Term Loan Agreement (as hereinafter defined) to be made on or before April 10, 2015 (See below under "Amended Term Loan Facility") and the Company’s regularly scheduled $1.7 million quarterly principal amortization payments (after giving effect to such prepayment).

Term loans under the Amended Term Loan Facility bear interest at the following interest rates:

	Eurodollar Loans	Alternate Base Rate Loans
2011 Term Loans	Eurodollar Rate plus 2.50% per annum (with the Eurodollar Rate not to be less than 0.75%)	Alternate Base Rate plus 1.50% (with the Alternate Base Rate not to be less than 1.75%)
Acquisition Term Loans	Eurodollar Rate plus 3.00% per annum (with the Eurodollar Rate not to be less than 1.00%)	Alternate Base Rate plus 2.00% (with the Alternate Base Rate not to be less than 2.00%)

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BUSINESS COMBINATION - Schedule of Acquisition and Integration Costs (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended			3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Total acquisition and integration costs	$ 6.4	$ 25.4	$ 0
The Colomer Group Participations, S.L.
Business Acquisition [Line Items]
Acquisition costs	0.5	12.9
Integration costs	5.9	12.5
Total acquisition and integration costs	$ 6.4	$ 25.4		$ 3.8	$ 19.1

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Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Level 1
Assets:
FX Contracts	$ 0	[1]	$ 0	[1]
Interest Rate Cash Flow Hedge Asset at Fair Value			0	[2]
Total assets at fair value	0		0
Liabilities:
FX Contracts	0	[1]	0	[1]
Interest Rate Swap, Liability, Fair Value Disclosure	0	[1]
Total liabilities at fair value	0		0
Level 2
Assets:
FX Contracts	0.2	[1]	1.0	[1]
Interest Rate Cash Flow Hedge Asset at Fair Value			2.5	[2]
Total assets at fair value	0.2		3.5
Liabilities:
FX Contracts	0	[1]	0.2	[1]
Interest Rate Swap, Liability, Fair Value Disclosure	3.5	[1]
Total liabilities at fair value	3.5		0.2
Level 3
Assets:
FX Contracts	0	[1]	0	[1]
Interest Rate Cash Flow Hedge Asset at Fair Value			0	[2]
Total assets at fair value	0		0
Liabilities:
FX Contracts	0	[1]	0	[1]
Interest Rate Swap, Liability, Fair Value Disclosure	0	[1]
Total liabilities at fair value	0		0
Total
Assets:
FX Contracts	0.2	[1]	1.0	[1]
Interest Rate Cash Flow Hedge Asset at Fair Value			2.5	[2]
Total assets at fair value	0.2		3.5
Liabilities:
FX Contracts	0	[1]	0.2	[1]
Interest Rate Swap, Liability, Fair Value Disclosure	3.5	[1]
Total liabilities at fair value	$ 3.5		$ 0.2

[1] The fair value of the Company’s foreign currency forward exchange contracts ("FX Contracts") was measured based on observable market transactions of spot and forward rates on the respective dates. See Note 13, “Financial Instruments.”

[2] The fair value of the Company's 2013 Interest Rate Swap was measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve on the respective dates. See Note 13, “Financial Instruments.”

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CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 275.3	$ 244.1	[1]
Trade receivables, less allowance for doubtful accounts of $9.3 and $4.2 as of December 31, 2014 and December 31, 2013, respectively	238.9	253.5	[1]
Inventories	156.6	175.0	[1]
Deferred income taxes – current	58.4	65.1	[1]
Prepaid expenses and other	44.6	61.4	[1]
Receivable from Revlon, Inc.	105.4	94.7
Total current assets	879.2	893.8	[1]
Property, plant and equipment, net of accumulated depreciation of $250.5 and $243.1 as of December 31, 2014 and December 31, 2013, respectively	212.0	195.9	[1]
Deferred income taxes – noncurrent	34.8	50.9	[1]
Goodwill	464.1	472.3	[1]
Intangible assets, net of accumulated amortization of $39.3 and $19.0 as of December 31, 2014 and December 31, 2013, respectively	327.8	360.1	[1]
Other assets	113.3	123.8	[1]
Total assets	2,031.2	2,096.8	[1]
Current liabilities:
Short-term borrowings	6.6	7.9	[1]
Current portion of long-term debt	31.5	65.4	[1]
Accounts payable	153.5	165.7	[1]
Accrued expenses and other	273.3	313.6	[1]
Total current liabilities	464.9	552.6	[1]
Long-term debt	1,832.4	1,862.3	[1]
Long-term pension and other post-retirement plan liabilities	200.9	118.3	[1]
Other long-term liabilities	90.0	80.1	[1]
Stockholder's deficiency:
RCPC Preferred Stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding as of December 31, 2014 and 2013	54.6	54.6	[1]
Additional paid-in capital	952.1	946.5	[1]
Accumulated deficit	(1,320.5)	(1,367.8)	[1]
Accumulated other comprehensive loss	(243.2)	(149.8)	[1]
Total stockholder's deficiency	(557.0)	(516.5)	[1]
Total liabilities and stockholder’s deficiency	2,031.2	2,096.8	[1]
Class A Common Stock
Stockholder's deficiency:
Common Stock, par value $1.00 per share; 10,000 shares authorized; 5,260 shares issued and outstanding as of December 31, 2014 and 2013	$ 0	$ 0	[1]

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

Balance at January 1, 2013	$	49.9
Increase based on tax positions taken in a prior year	25.8
Decrease based on tax positions taken in a prior year	(1.6		)
Increase based on tax positions taken in the current year	9.3
Decrease resulting from the lapse of statutes of limitations	(8.9		)
Balance at December 31, 2013	74.5
Increase based on tax positions taken in a prior year	12.6
Decrease based on tax positions taken in a prior year	(22.8		)
Increase based on tax positions taken in the current year	8.0
Decrease resulting from the lapse of statutes of limitations	(10.3		)
Balance at December 31, 2014	$	62.0

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The Company's income before income taxes and the applicable provision for income taxes are as follows:

	Year Ended December 31,
	2014			2013			2012
Income from continuing operations before income taxes:
United States	$	146.9		$	36.0		$	108.4
Foreign	(19.7		)	44.6			17.7
	$	127.2		$	80.6		$	126.1
Provision for (benefit from) income taxes:
United States federal	$	58.2		$	27.4		$	43.1
State and local	17.9			13.8			(9.8		)
Foreign	5.1			7.4			11.5
	$	81.2		$	48.6		$	44.8
Current:
United States federal	$	2.6		$	3.2		$	2.3
State and local	3.5			0.7			2.2
Foreign	7.2			11.3			10.7
	13.3			15.2			15.2
Deferred:
United States federal	55.6			24.2			40.8
State and local	14.4			13.1			(12.0		)
Foreign	(2.1		)	(3.9		)	0.8
	67.9			33.4			29.6
Total provision for income taxes:	$	81.2		$	48.6		$	44.8

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate below. Certain prior year amounts have been reclassified to conform to the presentation for 2014.

	Year Ended December 31,
	2014		2013			2012
Computed income tax expense	$	44.5	$	28.2		$	44.1
State and local taxes, net of U.S. federal income tax benefit	20.5		8.9			3.9
Foreign and U.S. tax effects attributable to operations outside the U.S.	4.2		(4.9		)	(4.3		)
Establishment (release) of valuation allowance	6.4		—			(15.8		)
Foreign dividends and earnings taxable in the U.S.	5.4		11.0			12.7
Restructuring charges and litigation loss contingency for which there is no tax benefit	—		2.7			7.2
Other	0.2		2.7			(3.0		)
Tax expense	$	81.2	$	48.6		$	44.8

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities at December 31, 2014 and 2013 were comprised of the following:

	December 31,
	2014			2013(a)
Deferred tax assets:
Inventories	$	7.6		$	9.1
Net operating loss carryforwards - U.S.	77.6			127.8
Net operating loss carryforwards - foreign	57.9			69.9
Employee benefits	100.7			65.0
State and local taxes	2.7			2.3
Sales related reserves	26.2			33.3
Other	46.1			41.0
Total gross deferred tax assets	318.8			348.4
Less valuation allowance	(57.1		)	(61.7		)
Total deferred tax assets, net of valuation allowance	261.7			286.7
Deferred tax liabilities:
Plant, equipment and other assets	(30.0		)	(29.3		)
Intangibles	(88.0		)	(98.8		)
Foreign currency translation adjustment	3.9			1.9
Other	(55.2		)	(45.2		)
Total gross deferred tax liabilities	(169.3		)	(171.4		)
Net deferred tax assets	$	92.4		$	115.3

^(a) During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ (149.8)	[1]	$ (208.2)		$ (200.9)
Currency translation adjustment, net of tax of $2.1 million	(24.6)	[2]	(4.1)	[2]	(1.5)	[2]
Amortization of pension related costs, net of tax	4.5	[3],[4],[5]	7.7	[3],[4],[5]	9.4	[3],[4],[5],[6]
Revaluation of derivative financial instruments, net of tax	(3.7)	[7],[8]	1.5	[7],[8]	0	[7]
Other Comprehensive Income (Loss), other	0
Other comprehensive loss	(93.4)	[9]	58.4	[9]	(7.3)	[9]
Ending Balance	(243.2)		(149.8)	[1]	(208.2)
Pension re-measurement, net of tax	(69.6)	[10]	53.3	[10]	(15.4)	[10]
Pension curtailment gain	0		0		0.2	[6]
Foreign Currency Translation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	19.2		23.3		24.8
Currency translation adjustment, net of tax of $2.1 million	(24.6)		(4.1)		(1.5)
Amortization of pension related costs, net of tax	0	[4]	0	[4]	0	[4],[6]
Revaluation of derivative financial instruments, net of tax	0	[8]	0	[8]
Other comprehensive loss	(24.6)
Ending Balance	(5.4)		19.2		23.3
Pension re-measurement, net of tax	0		0		0
Pension curtailment gain					0	[6]
Actuarial (Loss) Gain on Post-retirement Benefits
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(170.5)		(231.5)		(225.6)
Currency translation adjustment, net of tax of $2.1 million	0		0		0
Amortization of pension related costs, net of tax	4.5	[4]	7.7	[4]	9.4	[4],[6]
Revaluation of derivative financial instruments, net of tax	0	[8]	0	[8]
Other Comprehensive Income (Loss), other	0.3
Other comprehensive loss	(64.8)
Ending Balance	(235.3)		(170.5)		(231.5)
Pension re-measurement, net of tax	(69.6)		53.3		(15.4)
Pension curtailment gain					0.1	[6]
Prior Service Cost On Post Retirement Benefits
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	0		0		(0.1)
Currency translation adjustment, net of tax of $2.1 million	0		0		0
Amortization of pension related costs, net of tax	0	[4]	0	[4]	0	[4],[6]
Revaluation of derivative financial instruments, net of tax	0	[8]	0	[8]
Other Comprehensive Income (Loss), other	0
Other comprehensive loss	0
Ending Balance	0		0		0
Pension re-measurement, net of tax	0		0		0
Pension curtailment gain					0.1	[6]
Deferred Gain - Hedging
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1.5		0		0
Currency translation adjustment, net of tax of $2.1 million	0		0		0
Amortization of pension related costs, net of tax	0	[4]	0	[4]	0	[4],[6]
Revaluation of derivative financial instruments, net of tax	(3.7)	[8]	1.5	[8]
Other Comprehensive Income (Loss), other	0
Other comprehensive loss	(3.7)
Ending Balance	(2.2)		1.5		0
Pension re-measurement, net of tax	0		0		0
Pension curtailment gain					0	[6]
Accumulated Other Comprehensive Income (Loss), Other [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	0		0		0
Currency translation adjustment, net of tax of $2.1 million	0		0		0
Amortization of pension related costs, net of tax	0	[4]	0	[4]	0	[4],[6]
Revaluation of derivative financial instruments, net of tax	0	[8]	0	[8]
Other Comprehensive Income (Loss), other	(0.3)
Other comprehensive loss	(0.3)
Ending Balance	(0.3)		0		0
Pension re-measurement, net of tax	0		0		0
Pension curtailment gain					$ 0	[6]

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

[2] Net of tax benefit of $2.1 million, $3.3 million and $1.0 million for 2014, 2013 and 2012, respectively.

[3] This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 14, “Savings, Pension and Post-Retirement Benefits,” for additional information regarding net periodic benefit (income) costs.

[4] Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

[5] Net of tax expense of $0.1 million, $1.2 million and $1.0 million for 2014, 2013 and 2012, respectively.

[6] As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

[7] Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively.

[8] (d) For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.

[9] See Note 17, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012.

[10] Net of tax (benefit) expense of $(42.0) million, $33.5 million and $(7.2) million for 2014, 2013 and 2012, respectively.

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CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014		Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ (516.5)	[1]			$ (576.7)		$ (516.5)	[1]	$ (576.7)		$ (641.6)
Stock-based compensation amortization									5.5		0.2		0.3
Excess tax benefits from stock-based compensation									0.1				0.7
Net income (loss)	4.5	[2],[3]	7.0	[2],[3]	(31.2)	[4],[5],[6]	(4.3)	[4],[5],[6]	47.3		1.6		71.2
Other comprehensive income (loss), net									(93.4)	[7]	58.4	[7]	(7.3)	[7]
Ending balance	(557.0)				(516.5)	[1]			(557.0)		(516.5)	[1]	(576.7)
RCPC Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance															54.6
Ending balance	54.6				54.6				54.6		54.6		54.6		54.6
Additional Paid-In-Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			946.5				946.3		946.5		946.3		945.3
Stock-based compensation amortization									5.5		0.2		0.3
Excess tax benefits from stock-based compensation									0.1				0.7
Ending balance	952.1				946.5				952.1		946.5		946.3
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(1,367.8)				(1,369.4)		(1,367.8)		(1,369.4)		(1,440.6)
Net income (loss)									47.3		1.6		71.2
Ending balance	(1,320.5)				(1,367.8)				(1,320.5)		(1,367.8)		(1,369.4)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(149.8)				(208.2)		(149.8)		(208.2)		(200.9)
Other comprehensive income (loss), net									(93.4)	[7]	58.4	[7]	(7.3)	[7]
Ending balance	$ (243.2)				$ (149.8)				$ (243.2)		$ (149.8)		$ (208.2)

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

[2] for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation).

[3] Income from continuing operations and net income for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”).

[4] (Loss) income from continuing operations and net (loss) income for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility.

[5] (Loss) income from continuing operations and net loss for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”).

[6] (Loss) from continuing operations and net loss for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes.

[7] See Note 17, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012.

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INCOME TAXES Income Taxes - Deferred taxes (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Inventory	$ 7.6	$ 9.1
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	77.6	127.8
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	57.9	69.9
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	100.7	65.0
Deferred Tax Assets, State Taxes	2.7	2.3
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Returns and Allowances	26.2	33.3
Deferred Tax Assets, Other	46.1	41.0
Deferred Tax Assets, Gross	318.8	348.4
Deferred Tax Assets, Valuation Allowance	(57.1)	(61.7)
Deferred Tax Assets, Net of Valuation Allowance	261.7	286.7
Deferred Tax Liabilities, Property, Plant and Equipment	(30.0)	(29.3)
Deferred Tax Liabilities, Intangible Assets	(88.0)	(98.8)
Deferred Tax Liabilities, Unrealized Currency Transaction Gains	3.9	1.9
Deferred Tax Liabilities, Other	(55.2)	(45.2)
Deferred Tax Liabilities, Gross	(169.3)	(171.4)
Deferred Tax Assets, Net	$ 92.4	$ 115.3

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RESTRUCTURING CHARGES - Related Liability Balance and Activity for Restructuring Programs (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended					3 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2013
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	$ 13.7		$ 19.2			$ 13.7
(Income) Expense, Net	23.4		14.8
Gain on sale of France facility			(2.5)
Restructuring charges and other, net	(21.3)		(3.5)		(20.5)
Foreign Currency Translation	(0.5)		(0.1)
Cash utilized, net	(22.6)		(20.2)
Non-cash utilized, net	0		0
Balance End of Year	14.0		13.7		19.2		13.7
Lease And Exit Costs
Restructuring Reserve [Roll Forward]
Balance Beginning of Year			0.3
Restructuring charges and other, net			0
Foreign Currency Translation			0
Cash utilized, net			(0.3)
Non-cash utilized, net			0
Balance End of Year			0				0
Integration Program
Restructuring Reserve [Roll Forward]
Restructuring charges and other, net	(20.1)
Cash utilized, net	(9.6)
Integration Program | Employee Severance and Other Personnel Benefits
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	0					0
(Income) Expense, Net	17.3
Restructuring charges and other, net	(17.3)
Foreign Currency Translation	(0.1)
Cash utilized, net	(7.6)
Non-cash utilized, net	0
Balance End of Year	9.6
Integration Program | Other
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	0					0
(Income) Expense, Net	1.6
Restructuring charges and other, net	(1.6)
Foreign Currency Translation	0
Cash utilized, net	(1.2)
Non-cash utilized, net	(0.3)
Balance End of Year	0.1
December 2013 Program
Restructuring Reserve [Roll Forward]
Restructuring charges and other, net	2.5	[1]	(21.4)			(13.5)	(21.4)
Cash utilized, net	(15.5)		(0.1)
December 2013 Program | Employee Severance and Other Personnel Benefits
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	9.0		0			9.0
(Income) Expense, Net	(0.5)		9.1
Restructuring charges and other, net	0.5	[1]	(9.1)
Foreign Currency Translation	(0.2)		0
Cash utilized, net	(7.3)		(0.1)
Non-cash utilized, net	0.2		0
Balance End of Year	1.2		9.0				9.0
December 2013 Program | Other
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	0.5		0			0.5
(Income) Expense, Net	(0.2)		0.5
Restructuring charges and other, net	0.2	[1]	(0.5)
Foreign Currency Translation	0		0
Cash utilized, net	(0.3)		0
Non-cash utilized, net	0		0
Balance End of Year	0		0.5				0.5
2012 Restructuring Program
Restructuring Reserve [Roll Forward]
Cash utilized, net	(4.0)		(17.3)		(3.8)
2012 Restructuring Program | Employee Severance and Other Personnel Benefits
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	2.7		18.0			2.7
(Income) Expense, Net	0		2.9
Foreign Currency Translation	(0.1)		(0.1)
Cash utilized, net	(2.5)		(18.1)
Non-cash utilized, net	0.1		0
Balance End of Year	0.2		2.7				2.7
2012 Restructuring Program | Other
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	1.5		0.9			1.5
(Income) Expense, Net	0		2.3
Foreign Currency Translation	0		0
Cash utilized, net	(1.5)		(1.7)
Non-cash utilized, net	0		0
Balance End of Year	0		1.5				1.5
2014 Other Immaterial Actions | Employee Severance and Other Personnel Benefits
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	0					0
(Income) Expense, Net	5.0
Foreign Currency Translation	(0.1)
Cash utilized, net	(2.0)
Non-cash utilized, net	0
Balance End of Year	2.9
2014 Other Immaterial Actions | Other
Restructuring Reserve [Roll Forward]
Balance Beginning of Year	0					0
(Income) Expense, Net	0.2
Restructuring charges and other, net	(2.7)
Foreign Currency Translation	0
Cash utilized, net	(0.2)
Non-cash utilized, net	0
Balance End of Year	0
2014 Other Immaterial Actions | Gain on Sale of Equipment
Restructuring Reserve [Roll Forward]
Restructuring charges and other, net	(2.6)
Discontinued Operations | Operations in China
Restructuring Reserve [Roll Forward]
Restructuring charges and other, net			(20.0)
Restructuring charges and other, net included in discontinued operations	0.5	[2]	(8.8)	[2]
Discontinued Operations | Operations in China | December 2013 Program
Restructuring Reserve [Roll Forward]
Restructuring charges and other, net	$ 2.3						$ (20.0)

[1] (a) Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

[2] Refer to Note 4, "Discontinued Operations" for additional information regarding the Company's exit of its business operations in China.

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SEGMENT DATA AND RELATED INFORMATION-Income from continuing operations (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Segment Reporting Information [Line Items]
Net sales	$ 501.0	$ 472.3	$ 497.9	$ 469.8	$ 491.0	$ 333.1	$ 344.7	$ 325.9	$ 1,941.0		$ 1,494.7		$ 1,396.4
Operating Income (Loss)									245.3		197.1		218.8
Depreciation and amortization									102.6		76.7		64.9
Interest expense									84.4		78.6		85.3
Amortization of debt issuance costs									5.5		3.5		3.4
Loss on early extinguishment of debt				1.9				27.9	2.0		29.7		0
Foreign currency losses (gains), net									25.0		3.7		2.8
Miscellaneous, net									1.2		1.0		1.2
Income (loss) from continuing operations before income taxes									127.2		80.6		126.1
Non-recurring items:
Restructuring and related charges									21.3		3.5		20.5
Acquisition and integration costs									6.4		25.4		0
Corporate Segment
Segment Reporting Information [Line Items]
Unallocated corporate expenses									67.4		58.7		55.0
Segment Reconciling Items
Segment Reporting Information [Line Items]
Depreciation and amortization									102.6		76.7		64.9
Restricted Stock or Unit Expense									5.5		0.2		0.3
Non-recurring items:
Restructuring and related charges									22.6		4.5		0
Acquisition and integration costs									6.4		25.4		0
Inventory purchase accounting adjustment, cost of sales									2.6		8.5		0
Gain from insurance proceeds related to Venezuela fire									0		(26.4)		0
Demolition Costs									0		7.6		24.1
Operating Segments
Segment Reporting Information [Line Items]
Net sales									1,941.0		1,494.7		1,396.4
Operating Income (Loss)									452.4		352.3		363.1
Operating Segments | Consumer
Segment Reporting Information [Line Items]
Net sales									1,438.3	[1]	1,394.2	[1]
Operating Income (Loss)									347.6	[1]	347.2	[1]	363.1
Operating Segments | Professional
Segment Reporting Information [Line Items]
Net sales									502.7		100.5		0
Operating Income (Loss)									$ 104.8		$ 5.1		$ 0

[1] Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment.

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INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Components of Inventories

	December 31,
	2014		2013
Raw materials and supplies	$	47.2	$	50.8
Work-in-process	9.0		12.8
Finished goods	100.4		111.4
	$	156.6	$	175.0

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Goodwill and Intangible Assets, Net - Changes in Balance of Goodwill (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Goodwill [Line Items]
Goodwill, Acquired During Period			$ 255.7
Goodwill [Roll Forward]
Beginning Balance	472.3	[1]	217.8
Goodwill, Translation Adjustments	(8.2)		1.2
Ending Balance	464.1		472.3	[1]
Consumer
Goodwill [Line Items]
Goodwill, Acquired During Period			0
Goodwill [Roll Forward]
Beginning Balance	217.9		217.8
Goodwill, Translation Adjustments	0		0.1
Ending Balance	217.9		217.9
Professional
Goodwill [Line Items]
Goodwill, Acquired During Period			255.7
Goodwill [Roll Forward]
Beginning Balance	254.4		0
Goodwill, Translation Adjustments	(8.2)		1.1
Ending Balance	246.2		254.4
Before Measurement Period Adjustment
Goodwill [Roll Forward]
Ending Balance			474.7	[2]
Before Measurement Period Adjustment | Consumer
Goodwill [Roll Forward]
Ending Balance			217.9	[2]
Before Measurement Period Adjustment | Professional
Goodwill [Roll Forward]
Ending Balance			256.8	[2]
Measurement Period Adjustment
Goodwill [Roll Forward]
Goodwill, Purchase Accounting Adjustments	(2.4)
Measurement Period Adjustment | Consumer
Goodwill [Roll Forward]
Goodwill, Purchase Accounting Adjustments	0
Measurement Period Adjustment | Professional
Goodwill [Roll Forward]
Goodwill, Purchase Accounting Adjustments	$ (2.4)

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

[2] As previously reported in the Company's 2013 Form 10-K.

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STOCK COMPENSATION PLAN Schedule of Share-based Compensation (Notes)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

15. STOCK COMPENSATION PLAN

Revlon, Inc. maintains the Fourth Amended and Restated Revlon, Inc. Stock Plan (the "Stock Plan"), which provides for awards of stock options, stock appreciation rights, restricted or unrestricted stock and restricted stock units to eligible employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. An aggregate of 6,565,000 shares are reserved for issuance as Awards under the Stock Plan, subject to the adjustment provisions of the Stock Plan. In July 2014, the Stock Plan was amended to renew the Stock Plan for a 7-year renewal term expiring on April 14, 2021.

Stock options:

Non-qualified stock options granted under the Stock Plan are granted at prices that equal or exceed the fair market value of Revlon Inc.'s Class A Common Stock on the grant date and have a term of 7 years. Option grants generally vest over service periods that range from 1 year to 4 years.

At December 31, 2014 there were no options exercisable under the Stock Plan, and 800 and 8,105 stock options exercisable at December 31, 2013 and 2012, respectively.

A summary of stock option activity for each of 2014, 2013 and 2012 is presented below:

	Stock Options (000's)		Weighted Average Exercise Price
Outstanding at January 1, 2012	264.5		$	31.02
Forfeited and expired	(256.4	)	31.06
Outstanding at December 31, 2012	8.1		29.91
Forfeited and expired	(7.3	)	30.17
Outstanding at December 31, 2013	0.8		27.50
Forfeited and expired	(0.8	)	27.50
Outstanding at December 31, 2014	—		—

Restricted stock awards and restricted stock units:

The Stock Plan allows for awards of restricted stock and restricted stock units to employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. The restricted stock awards granted under the Stock Plan vest over service periods that generally range from 3 years to 5 years. In 2014, the Company granted 693,378 shares of restricted stock to certain executives which vest over a 5-year period. In October 2013, the Company granted 120,000 shares of restricted common stock with a 3-year vesting period to an executive who ceased employment with the Company during 2014, with the final 80,000 shares vesting in equal installments in October 2015 and October 2016. There have not been any other restricted stock awards granted since 2009.

A summary of the restricted stock and restricted stock unit activity for each of 2014, 2013 and 2012 is presented below:

	Restricted Stock (000's)		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2012	257.4		$	7.04
Vested(a)	(257.4	)	7.04
Outstanding at December 31, 2012	—		—
Granted	120.0		24.80
Outstanding at December 31, 2013	120.0		24.80
Granted	693.4		31.01
Vested(a)	(40.0	)	24.80
Outstanding at December 31, 2014	773.4		30.37

^(a)  Of the amounts vested during 2014 and 2012, 22,328 and 83,582 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon, Inc. treasury stock and are not sold on the open market.

The Company recognizes non-cash compensation expense related to restricted stock awards and restricted stock units under the Stock Plan using the straight-line method over the remaining service period. The Company recorded compensation expense related to restricted stock awards under the Stock Plan of $5.5 million, $0.2 million and $0.3 million during 2014, 2013 and 2012, respectively. The total fair value of restricted stock and restricted stock units that vested during 2014 and 2013 was $1.0 million and nil, respectively. The deferred stock-based compensation related to restricted stock awards was $18.8 million at December 31, 2014 and will be amortized ratably to compensation expense over the remaining vesting period of 4.3 years.

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PREPAID EXPENSES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	December 31,
	2014		2013
Prepaid expenses	$	17.3	$	22.5
Other	27.3		38.9
	$	44.6	$	61.4

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SEGMENT DATA AND RELATED INFORMATION- Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of reportable operating segments (segments)	2
Outside of the United States
Segment Reporting Information [Line Items]
Number of countries in which entity operates (countries)	24
Walmart [Member]
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	16.00%	20.00%	22.00%

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ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss as of December 31, 2014, 2013 and 2012 are as follows:

	Foreign Currency Translation			Actuarial (Loss) Gain on Post-retirement Benefits			Prior Service Cost on Post-retirement Benefits			Deferred Gain (Loss) - Hedging			Other			Accumulated Other Comprehensive Loss
Balance at January 1, 2012	$	24.8		$	(225.6	)	$	(0.1	)	$	—		$	—		$	(200.9	)
Unrealized gains (losses), net of tax of $1.0 million	(1.5		)	—			—			—			—			(1.5		)
Amortization of pension related costs, net of tax of $(1.0) million(a)(b)	—			9.4			—			—			—			9.4
Pension re-measurement, net of tax of $7.2 million	—			(15.4		)	—			—			—			(15.4		)
Pension curtailment gain(c)	—			0.1			0.1			—			—			0.2
Balance at December 31, 2012	$	23.3		$	(231.5	)	$	—		$	—		$	—		$	(208.2	)
Unrealized gains (losses), net of tax of $3.3 million	(4.1		)	—			—			—			—			(4.1		)
Amortization of pension related costs, net of tax of $(1.2) million(a)	—			7.7			—			—			—			7.7
Pension re-measurement, net of tax of $(33.5) million	—			53.3			—			—			—			53.3
Revaluation of derivative financial instrument, net of tax of $(1.0) million(d)	—			—			—			1.5			—			1.5
Balance at December 31, 2013	$	19.2		$	(170.5	)	$	—		$	1.5		$	—		$	(149.8	)
Currency translation adjustment, net of tax of $2.1 million	(24.6		)	—			—			—			—			(24.6		)
Amortization of pension related costs, net of tax of $(0.1) million(a)	—			4.5			—			—			—			4.5
Pension re-measurement, net of tax of $42.0 million	—			(69.6		)	—			—			—			(69.6		)
Revaluation of derivative financial instrument, net of tax of $2.3 million(d)	—			—			—			(3.7		)	—			(3.7		)
Other	—			0.3			—			—			(0.3		)	—
Other comprehensive loss	(24.6		)	(64.8		)	—			(3.7		)	(0.3		)	(93.4		)
Balance at December 31, 2014	$	(5.4	)	$	(235.3	)	$	—		$	(2.2	)	$	(0.3	)	$	(243.2	)

^(a)  Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

^(b)  Included in this amount is a $2.0 million reclassification adjustment recorded in the first quarter of 2012 related to deferred taxes on the amortization of actuarial losses.

^(c) As a result of the September 2012 Program,the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

^(d)   For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.

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SHORT TERM BORROWINGS (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Short Term Debt Disclosure [Abstract]
Short-term borrowings	$ 6.6	$ 7.9	[1]
Short-term Debt, Weighted Average Interest Rate	6.20%	5.50%

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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GUARANTOR FINANCIAL INFORMATION Condensed Cash Flow Statement (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 174.0		$ 123.3		$ 104.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(55.5)		(28.6)		(20.9)
Business acquisitions, net of cash and cash equivalents acquired	0		(627.6)		(66.2)
Insurance proceeds for property, plant and equipment	0		13.1		0
Proceeds from the sale of certain assets	3.4		3.7		0.8
Net cash used in investing activities	(52.1)		(639.4)		(86.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.7)		(6.3)		6.3
Payment of financing costs	(1.8)		(48.8)		(0.4)
Other financing activities	(3.2)		(2.6)		(1.3)
Net cash (used in) provided by financing activities	(75.1)		649.0		(3.4)
Effect of exchange rate changes on cash and cash equivalents	(15.6)		(5.1)		0.2
Net increase in cash and cash equivalents	31.2		127.8		14.6
Cash and cash equivalents at beginning of period	244.1	[1]	116.3		101.7
Cash and cash equivalents at end of period	275.3		244.1	[1]	116.3
2011 Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0		(113.0)		(8.0)
9 3/4% Senior Secured Notes Due 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0		(330.0)		0
Senior Notes 5 3/4% Due 2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the 5¾% Senior Notes	0		500.0		0
Acquisition Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	(7.0)		0		0
Proceeds from the issuance of the 5¾% Senior Notes	0		698.3		0
Senior Subordinated Term Loan Due 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	(58.4)		0		0
Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	77.3		76.9		21.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40.3)		(21.1)		(18.1)
Business acquisitions, net of cash and cash equivalents acquired			(627.6)		0
Insurance proceeds for property, plant and equipment			0
Proceeds from the sale of certain assets	0		0.3		0.1
Net cash used in investing activities	(40.3)		(648.4)		(18.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.2)		(2.0)		7.4
Payment of financing costs	(1.8)		(48.8)		(0.4)
Repayments of Related Party Debt			48.6
Other financing activities	(2.7)		(2.2)		(0.9)
Net cash (used in) provided by financing activities	(74.1)		653.7		(1.9)
Effect of exchange rate changes on cash and cash equivalents	0		0		0
Net increase in cash and cash equivalents	(37.1)		82.2		1.4
Cash and cash equivalents at beginning of period	141.3	[2]	59.1		57.7
Cash and cash equivalents at end of period	104.2		141.3	[2]	59.1
Cash and Cash Equivalents, Including Additional Guarantors, at Carrying Value			141.3	[3]
Subsidiaries [Member] | 2011 Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			(113.0)		(8.0)
Subsidiaries [Member] | 9 3/4% Senior Secured Notes Due 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			(330.0)
Subsidiaries [Member] | Senior Notes 5 3/4% Due 2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the 5¾% Senior Notes			500.0
Subsidiaries [Member] | Acquisition Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	(7.0)
Proceeds from the issuance of the 5¾% Senior Notes			698.3
Subsidiaries [Member] | Senior Subordinated Term Loan Due 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	(58.4)
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	78.0		4.6		64.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(2.4)		(0.6)		(0.4)
Business acquisitions, net of cash and cash equivalents acquired			0		(66.2)
Insurance proceeds for property, plant and equipment			0
Proceeds from the sale of certain assets	0		0		0.4
Net cash used in investing activities	(2.4)		(0.6)		(66.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(1.9)		(3.2)		1.2
Payment of financing costs	0		0		0
Repayments of Related Party Debt			0
Other financing activities	0		0		0
Net cash (used in) provided by financing activities	(1.9)		(3.2)		1.2
Effect of exchange rate changes on cash and cash equivalents	(0.1)		0		0
Net increase in cash and cash equivalents	73.6		0.8		(0.1)
Cash and cash equivalents at beginning of period	0.8		0		0.1
Cash and cash equivalents at end of period	88.1		0.8		0
Cash and Cash Equivalents, Including Additional Guarantors, at Carrying Value			14.5	[3]
Guarantor Subsidiaries [Member] | 2011 Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			0		0
Guarantor Subsidiaries [Member] | 9 3/4% Senior Secured Notes Due 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			0
Guarantor Subsidiaries [Member] | Senior Notes 5 3/4% Due 2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the 5¾% Senior Notes			0
Guarantor Subsidiaries [Member] | Acquisition Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0
Proceeds from the issuance of the 5¾% Senior Notes			0
Guarantor Subsidiaries [Member] | Senior Subordinated Term Loan Due 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	18.7		41.8		17.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(12.8)		(6.9)		(2.4)
Business acquisitions, net of cash and cash equivalents acquired			0		0
Insurance proceeds for property, plant and equipment			13.1
Proceeds from the sale of certain assets	3.4		3.4		0.3
Net cash used in investing activities	(9.4)		9.6		(2.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	1.4		(1.1)		(2.3)
Payment of financing costs	0		0		0
Repayments of Related Party Debt			0
Other financing activities	(0.5)		(0.4)		(0.4)
Net cash (used in) provided by financing activities	0.9		(1.5)		(2.7)
Effect of exchange rate changes on cash and cash equivalents	(15.5)		(5.1)		0.2
Net increase in cash and cash equivalents	(5.3)		44.8		13.3
Cash and cash equivalents at beginning of period	102.0	[2],[4]	57.2		43.9
Cash and cash equivalents at end of period	83.0		102.0	[2],[4]	57.2
Cash and Cash Equivalents, Including Additional Guarantors, at Carrying Value			88.3	[3]
Non-Guarantor Subsidiaries [Member] | 2011 Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			0		0
Non-Guarantor Subsidiaries [Member] | 9 3/4% Senior Secured Notes Due 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			0
Non-Guarantor Subsidiaries [Member] | Senior Notes 5 3/4% Due 2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the 5¾% Senior Notes			0
Non-Guarantor Subsidiaries [Member] | Acquisition Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0
Proceeds from the issuance of the 5¾% Senior Notes			0
Non-Guarantor Subsidiaries [Member] | Senior Subordinated Term Loan Due 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0
Consolidation, Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	0		0		0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	0		0		0
Business acquisitions, net of cash and cash equivalents acquired			0		0
Insurance proceeds for property, plant and equipment			0
Proceeds from the sale of certain assets	0		0		0
Net cash used in investing activities	0		0		0
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	0		0		0
Payment of financing costs	0		0		0
Repayments of Related Party Debt			0
Other financing activities	0		0		0
Net cash (used in) provided by financing activities	0		0		0
Effect of exchange rate changes on cash and cash equivalents	0		0		0
Net increase in cash and cash equivalents	0		0		0
Cash and cash equivalents at beginning of period	0		0		0
Cash and cash equivalents at end of period	0		0		0
Cash and Cash Equivalents, Including Additional Guarantors, at Carrying Value			0	[3]
Consolidation, Eliminations [Member] | 2011 Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			0		0
Consolidation, Eliminations [Member] | 9 3/4% Senior Secured Notes Due 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			0
Consolidation, Eliminations [Member] | Senior Notes 5 3/4% Due 2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the 5¾% Senior Notes			0
Consolidation, Eliminations [Member] | Acquisition Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0
Proceeds from the issuance of the 5¾% Senior Notes			0
Consolidation, Eliminations [Member] | Senior Subordinated Term Loan Due 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0
Consolidated Entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	174.0		123.3		104.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(55.5)		(28.6)		(20.9)
Business acquisitions, net of cash and cash equivalents acquired			(627.6)		(66.2)
Insurance proceeds for property, plant and equipment			13.1
Proceeds from the sale of certain assets	3.4		3.7		0.8
Net cash used in investing activities	(52.1)		(639.4)		(86.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.7)		(6.3)		6.3
Payment of financing costs	(1.8)		(48.8)		(0.4)
Repayments of Related Party Debt			48.6
Other financing activities	(3.2)		(2.6)		(1.3)
Net cash (used in) provided by financing activities	(75.1)		649.0		(3.4)
Effect of exchange rate changes on cash and cash equivalents	(15.6)		(5.1)		0.2
Net increase in cash and cash equivalents	31.2		127.8		14.6
Cash and cash equivalents at beginning of period	244.1		116.3		101.7
Cash and cash equivalents at end of period	275.3		244.1		116.3
Cash and Cash Equivalents, Including Additional Guarantors, at Carrying Value			244.1	[3]
Consolidated Entities [Member] | 2011 Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			(113.0)		(8.0)
Consolidated Entities [Member] | 9 3/4% Senior Secured Notes Due 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt			(330.0)
Consolidated Entities [Member] | Senior Notes 5 3/4% Due 2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the 5¾% Senior Notes			500.0
Consolidated Entities [Member] | Acquisition Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	(7.0)
Proceeds from the issuance of the 5¾% Senior Notes			698.3
Consolidated Entities [Member] | Senior Subordinated Term Loan Due 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	$ (58.4)

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

[2] (b) In the second quarter of 2014, the Company retrospectively adjusted deferred taxes for an immaterial correction, as discussed in Note 1, Description of Business and Basis of Presentation. For the Guarantor financials, the correction also included moving certain tax balances from the Non-Guarantor's to Products Corporation's Balance Sheet as of December 31, 2013.

[3] (a) In January 2014, Colomer's U.S. subsidiaries became additional guarantors under Products Corporation's Amended Credit Agreements and 5¾% Senior Notes. Accordingly, for cash flow presentation purposes, the cash and cash equivalents at the beginning of the period associated with Colomer's U.S. subsidiaries have been reported under Guarantor Subsidiaries.

[4] (a) During the three months ended March 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 47.3		$ 1.6		$ 71.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	102.6		76.7		64.9
Foreign currency loss from Venezuela re-measurement	6.0		0.6		0
Amortization of debt discount	1.4		1.3		1.9
Stock-based compensation amortization	5.5		0.2		0.3
Provision for deferred income taxes	67.9		33.4		29.6
Loss on early extinguishment of debt	2.0		29.7		0
Amortization of debt issuance costs	5.5		3.5		3.4
Insurance proceeds for property, plant and equipment	0		(13.1)		0
(Gain) loss on sale of certain assets	(2.1)		(2.9)		0.4
Pension and other post-retirement (income) loss	(5.3)		(0.2)		4.0
Change in assets and liabilities:
(Increase) decrease in trade receivables	(5.5)		40.1		(4.7)
Decrease (Increase) in inventories	9.2		10.2		(4.4)
Decrease (Increase) in prepaid expenses and other current assets	4.5		(12.3)		(14.4)
Increase in accounts payable	0.2		19.1		5.3
(Decrease) Increase in accrued expenses and other current liabilities	(2.0)		0.2		38.5
Pension and other post-retirement plan contributions	(19.0)		(18.5)		(29.8)
Purchases of permanent displays	(45.3)		(44.5)		(43.2)
Other, net	1.1		(1.8)		(18.9)
Net cash provided by operating activities	174.0		123.3		104.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(55.5)		(28.6)		(20.9)
Business acquisitions, net of cash and cash equivalents acquired	0		(627.6)		(66.2)
Insurance proceeds for property, plant and equipment	0		13.1		0
Proceeds from the sale of certain assets	3.4		3.7		0.8
Net cash used in investing activities	(52.1)		(639.4)		(86.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.7)		(6.3)		6.3
Payment of financing costs	(1.8)		(48.8)		(0.4)
Other financing activities	(3.2)		(2.6)		(1.3)
Net cash (used in) provided by financing activities	(75.1)		649.0		(3.4)
Effect of exchange rate changes on cash and cash equivalents	(15.6)		(5.1)		0.2
Net increase in cash and cash equivalents	31.2		127.8		14.6
Cash and cash equivalents at beginning of period	244.1	[1]	116.3		101.7
Cash and cash equivalents at end of period	275.3		244.1	[1]	116.3
Cash paid during the period for:
Interest	85.6		78.7		84.8
Income taxes, net of refunds	20.9		12.5		17.8
Senior Subordinated Term Loan Due 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	(58.4)		0		0
Acquisition Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	(7.0)		0		0
Proceeds from the issuance of the 5¾% Senior Notes	0		698.3		0
Senior Notes 5 3/4% Due 2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the 5¾% Senior Notes	0		500.0		0
9 3/4% Senior Secured Notes Due 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0		(330.0)		0
2011 Term Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	0		(113.0)		(8.0)
Contributed Loan
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt	$ 0		$ (48.6)		$ 0

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts on trade receivables	$ 9.3	$ 4.2
Accumulated depreciation on property, plant and equipment	250.5	243.1
Accumulated amortization on intangible assets	$ 39.3	$ 19.0
Preferred Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00
Preferred Stock, Shares Authorized	1,000	1,000
Preferred Stock, Shares Issued	546	546
Preferred Stock, Shares Outstanding	546	546
Class A Common Stock
Common Stock, par value (usd per share)	$ 1.00	$ 1.00
Common Stock, shares authorized (shares)	10,000	10,000
Common Stock, shares issued (shares)	5,260	5,260
Treasury Stock, at cost, shares (shares)	5,260	5,260

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SHORT TERM BORROWINGS (Notes)

12 Months Ended

Dec. 31, 2014

Short Term Debt Disclosure [Abstract]

Short-term Debt [Text Block]

SHORT-TERM BORROWINGS

Products Corporation had outstanding short-term borrowings (excluding borrowings under the Amended Credit Agreements or 2011 Credit Agreements (as hereinafter defined), which are reflected in Note 11, "Long-Term Debt"), aggregating $6.6 million and $7.9 million at December 31, 2014 and 2013, respectively. The weighted average interest rate on these short-term borrowings outstanding at December 31, 2014 and 2013 was 6.2% and 5.5%, respectively.

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CONTINGENCIES Commitments and Contingencies - Schedule of Minimum Rental Commitments Under Noncancelable Leases (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Capital Leases, Future Minimum Payments Due	$ 7.7
Capital Leases, Future Minimum Payments Due, Next Twelve Months	3.7
Capital Leases, Future Minimum Payments Due in Two Years	2.7
Capital Leases, Future Minimum Payments Due in Three Years	1.0
Capital Leases, Future Minimum Payments Due in Four Years	0.2
Capital Leases, Future Minimum Payments Due in Five Years	0.1
Capital Leases, Future Minimum Payments Due Thereafter	0
Operating Leases, Future Minimum Payments Due	146.2
Operating Leases, Future Minimum Payments Due, Next Twelve Months	25.7
Operating Leases, Future Minimum Payments, Due in Two Years	20.1
Operating Leases, Future Minimum Payments, Due in Three Years	16.0
Operating Leases, Future Minimum Payments, Due in Four Years	13.8
Operating Leases, Future Minimum Payments, Due in Five Years	11.9
Operating Leases, Future Minimum Payments, Due Thereafter	$ 58.7

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INCOME TAXES Income Taxes - Reconciliation of Tax Expense to Statutory Federal Income Tax Rate (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ 44.5	$ 28.2	$ 44.1
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	20.5	8.9	3.9
Income Tax Reconciliation Foreign And United States Tax Effects Attributable To Operations Outside United States	4.2	(4.9)	(4.3)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	6.4	0	(15.8)
Income Tax Reconciliation Foreign Dividends And Earnings Taxable In United States	5.4	11.0	12.7
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount	0	2.7	7.2
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	0.2	2.7	(3.0)
Income Tax Expense (Benefit)	$ 81.2	$ 48.6	$ 44.8

XML

Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Line Items]
Interest and penalties increase (decrease)	$ (0.9)	$ 1.7
Unrecognized Tax Benefits	62.0	74.5	49.9
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	11.3	11.6
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound	2.4
Undistributed Earnings of Foreign Subsidiaries	42.0
Payments From Affiliate Under Tax Sharing Agreement Related To Current Year	0.3
Payments From Affiliate Under Tax Sharing Agreement Related To Prior Year	0	1.3
Payments From Affiliate Under Tax Sharing Agreement Expected In Following Year Related To Current Year	0
Operating Loss Carryforwards	389.3
Operating Loss Carryforwards Expiration In Year One	0.3
Operating Loss Carryforwards Expiration In Year Two	4.0
Operating Loss Carryforwards Expiration In Year Three	9.2
Operating Loss Carryforwards Expiration In Year Four And Thereafter	188.9
Operating Loss Carryforwards Not Subject To Expiration	186.9
Non Cash Income Tax Benefit Related To Release Of Valuation Allowance			15.8
Provision for income taxes	81.2	48.6	44.8
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(4.6)	(8.9)
Foreign Tax Authority [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	244.2
Domestic Tax Authority [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	$ 145.1

XML

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014
Document Documentand Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol
Entity Registrant Name	REVLON CONSUMER PRODUCTS CORP
Entity Central Index Key	0000890547
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (shares)	5,260
Entity Public Float		$ 0

XML

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

	December 31, 2014			December 31, 2013
Amended Term Loan Facility: Acquisition Term Loan due 2019, net of discounts (see (a) below)	$	691.6		$	698.3
Amended Term Loan Facility: 2011 Term Loan due 2017, net of discounts (see (a) below)	671.6			670.1
Amended Revolving Credit Facility (see (a) below)	—			—
5¾% Senior Notes due 2021 (see (b) below)	500.0			500.0
Non-Contributed Loan portion of the Amended and Restated Senior Subordinated Term Loan due 2014 (see (c) below)	—			58.4
Spanish Government Loan due 2025 (see (d) below)	0.7			0.9
	1,863.9			1,927.7
Less current portion (*)	(31.5		)	(65.4		)
	$	1,832.4		$	1,862.3

(*) The Company classified $31.5 million of long-term debt as a current liability, which is primarily comprised of the $24.6 million required “excess cash flow” prepayment (as defined under Amended Term Loan Agreement (as hereinafter defined) to be made on or before April 10, 2015 (See below under "Amended Term Loan Facility") and the Company’s regularly scheduled $1.7 million quarterly principal amortization payments (after giving effect to such prepayment).

The Company completed several debt transactions during 2014 and 2013.

2014 Debt Transactions

February 2014 Term Loan Amendment

In February 2014, Products Corporation entered into an amendment (the “February 2014 Term Loan Amendment”) to its amended term loan agreement among Products Corporation, as borrower, a syndicate of lenders and Citicorp USA, Inc. (“CUSA”), as administrative agent and collateral agent. The amended term loan agreement is comprised of (i) the $675.0 million term loan due November 19, 2017 (the "2011 Term Loan" or the “2011 Term Loan Facility”) and (ii) the $700.0 million term loan due October 8, 2019 (the "Acquisition Term Loan"), which had $693.0 million in aggregate principal balance outstanding as of December 31, 2014 (together, the "Amended Term Loan Agreement" and the "Amended Term Loan Facility"). Pursuant to the February 2014 Term Loan Amendment, the interest rates applicable to Eurodollar Loans under the $675.0 million 2011 Term Loan bear interest at the Eurodollar Rate plus 2.5% per annum, with the Eurodollar Rate not to be less than 0.75% (compared to 3.0% and 1.0%, respectively, prior to the February 2014 Term Loan Amendment), while Alternate Base Rate Loans under the 2011 Term Loan bear interest at the Alternate Base Rate plus 1.5%, with the Alternate Base Rate not to be less than 1.75% (compared to 2.0% in each case prior to the February 2014 Term Loan Amendment) (and as each such term is defined in the Amended Term Loan Agreement).

Products Corporation's Acquisition Term Loan and Amended Revolving Credit Facility (as hereinafter defined) were not amended in connection with the February 2014 Term Loan Amendment.

During 2014, the Company incurred approximately $1.1 million of fees and expenses in connection with the February 2014 Term Loan Amendment, which were expensed as incurred, and wrote-off $0.8 million of unamortized debt discount and deferred financing costs as a result of the February 2014 Term Loan Amendment. These amounts, totaling $1.9 million, were recognized within loss on early extinguishment of debt in the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income for the year ended December 31, 2014.

Repayment of Non-Contributed Loan

On May 1, 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the non-contributed loan portion of the Amended and Restated Senior Subordinated Term Loan Agreement (the "Non-Contributed Loan") that remained owing from Products Corporation to various third parties.  The Non-Contributed Loan would have otherwise matured on October 8, 2014. In connection with such prepayment, the Company wrote-off $0.1 million of deferred financing costs, which were recognized within loss on early extinguishment of debt in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for 2014.

2013 Debt Transactions

Term Loan and Revolving Credit Facility Amendments

(i) February 2013 Term Loan Amendments

In February 2013, Products Corporation consummated an amendment (the "February 2013 Term Loan Amendments"), to its Amended Term Loan Agreement, pursuant to which Products Corporation reduced the total aggregate principal amount outstanding under the 2011 Term Loan from $788.0 million to $675.0 million, using a portion of the proceeds from Products Corporation’s issuance of its 5¾% Senior Notes (see “2013 Senior Notes Refinancing” below), together with cash on hand. Before giving effect to the February 2014 Term Loan Amendment, the February 2013 Term Loan Amendments also reduced the interest rates on the 2011 Term Loan such that Eurodollar Loans bore interest at the Eurodollar Rate plus 3.00% per annum, with the Eurodollar Rate not to be less than 1.00% (compared to 3.50% and 1.25%, respectively, prior to the February 2013 Term Loan Amendments), while Alternate Base Rate Loans bore interest at the Alternate Base Rate plus 2.00%, with the Alternate Base Rate not to be less than 2.00% (compared to 2.50% and 2.25%, respectively, prior to the February 2013 Term Loan Amendments) (and as each such term is defined in the Amended Term Loan Agreement). 

Pursuant to the February 2013 Term Loan Amendments, Products Corporation, under certain circumstances, also has the right to request the 2011 Term Loan to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the Amended Term Loan Agreement) does not exceed 3.50:1.00 (compared to $300 million prior to the February 2013 Term Loan Amendments), provided that the lenders are not committed to provide any such increase. Any such increase would be in addition to the Acquisition Term Loan.

(ii) August 2013 Term Loan Amendments

In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated further amendments (the "August 2013 Term Loan Amendments") to its Amended Term Loan Agreement, which permitted, among other things: (i) Products Corporation's consummation of the Colomer Acquisition; and (ii) Products Corporation's incurring up to $700 million of term loans to use as a source of funds to consummate the Colomer Acquisition and pay related fees and expenses.

(iii) Incremental Amendment

In August 2013, in connection with the Colomer Acquisition, Products Corporation entered into an incremental amendment (the "Incremental Amendment") resulting in the Amended Term Loan Agreement with Citibank, N.A., JPMorgan Chase Bank, N.A., Bank of America, N.A, Credit Suisse AG, Cayman Islands Branch, Wells Fargo Bank, N.A. and Deutsche Bank AG New York Branch (collectively, the "Initial Acquisition Lenders") and CUSA, as administrative agent and collateral agent, pursuant to which the Initial Acquisition Lenders committed to provide the Acquisition Term Loan. The Acquisition Term Loan was issued on October 8, 2013 and Products Corporation and used the net proceeds of $698.3 million as a source of funds to consummate the Colomer Acquisition and pay related fees and expenses.

(iv) Amended Revolving Credit Facility

In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated an amendment (the "August 2013 Revolver Amendment") to its third amended and restated revolving credit agreement dated June 16, 2011 (the "2011 Revolving Credit Agreement") which amended its $140.0 million asset-backed, multi-currency revolving credit facility (the "2011 Revolving Credit Facility") to permit, among other things: (a) Products Corporation's consummation of the Colomer Acquisition; and (b) Products Corporation's incurring up to $700 million of the Acquisition Term Loan that Products Corporation used as a source of funds to consummate the Colomer Acquisition. Additionally, the August 2013 Revolver Amendment (1) reduced Products Corporation's interest rate spread over the LIBOR rate applicable to Eurodollar Loans under the facility from a range, based on availability, of 2.00% to 2.50%, to a range of 1.50% to 2.00%; (2) reduced the commitment fee on unused availability under the facility from 0.375% to 0.25%; and (3) extended the maturity of the facility, which was previously scheduled to mature in June 2016, to the earlier of (i) August 2018 or (ii) the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under Products Corporation's bank term loan agreements, but not earlier than June 2016.

Additionally, in December 2013, Products Corporation entered into an incremental amendment (the "December 2013 Revolver Amendment" and together with the August 2013 Revolver Amendment, the "2013 Revolver Amendments") to its third amended and restated revolving credit agreement, dated as of June 16, 2011 (as amended by the 2013 Revolver Amendments, the "Amended Revolving Credit Agreement" and "Amended Revolving Credit Facility"). Under the terms of the December 2013 Revolver Amendment, the lenders' commitment to provide borrowings to Products Corporation and its subsidiary borrowers under the Amended Revolving Credit Facility was increased from $140.0 million to $175.0 million.

2013 Senior Notes Refinancing

In February 2013, Products Corporation issued $500.0 million aggregate principal amount of 5¾% Senior Notes due February 15, 2021 (the “5¾% Senior Notes”) to investors at par pursuant to the 5¾% Senior Notes Indenture, dated as of February 8, 2013 (the “5¾% Senior Notes Indenture”). Products Corporation used $491.2 million of the net proceeds (net of underwriters' fees) from the issuance of the 5¾% Senior Notes to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes due November 2015 (the “9¾% Senior Secured Notes"), as well as to pay an aggregate of $28.0 million for the applicable redemption and tender offer premiums, accrued interest and related fees and expenses. Products Corporation used a portion of the remaining proceeds, together with existing cash, to pay approximately $113 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the Contributed Loan (as hereinafter defined), which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Series A Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), in connection with its mandatory redemption on such date. Refer to “5¾% Senior Notes” below for further discussion.

Repayment of the Contributed Loan

Products Corporation paid to Revlon, Inc., at maturity on October 8, 2013, the $48.6 million aggregate principal amount outstanding under the Contributed Loan. Refer to "2013 Senior Notes Refinancing" above and “Amended and Restated Senior Subordinated Term Loan Agreement” below for further discussion.

Long-Term Debt Agreements

(a) Amended Credit Agreements

The following is a summary description of the Amended Term Loan Facility, which includes the 2011 Term Loan and the Acquisition Term Loan, and the Amended Revolving Credit Facility. Unless otherwise indicated, capitalized terms have the meanings given to them in the Amended Term Loan Agreement and/or the Amended Revolving Credit Agreement (the "Amended Credit Agreements"), as applicable. Investors should refer to the Amended Revolving Credit Agreement and/or the Amended Term Loan Agreement for complete terms and conditions, as these summary descriptions are subject to a number of qualifications and exceptions.

Amended Revolving Credit Facility

Availability under the Amended Revolving Credit Facility varies based on a borrowing base that is determined by the value of eligible trade receivables and eligible inventory in the U.S. and the U.K. and eligible real property and equipment in the U.S. from time to time.

In January 2014, Colomer's U.S.-domiciled subsidiaries (the “Colomer U.S. Subsidiaries”) became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture. In connection with becoming guarantors, substantially all of the assets of the Colomer U.S. Subsidiaries were pledged as collateral under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, thereby increasing the value of the assets supporting the borrowing base under the Amended Revolving Credit Facility.

If the value of the eligible assets is not sufficient to support the $175.0 million borrowing base under the Amended Revolving Credit Facility, Products Corporation will not have full access to the Amended Revolving Credit Facility. Products Corporation’s ability to borrow under the Amended Revolving Credit Facility is also conditioned upon the satisfaction of certain conditions precedent and Products Corporation’s compliance with other covenants in the Amended Revolving Credit Agreement.

In each case subject to borrowing base availability, the Amended Revolving Credit Facility is available to:

(i) Products Corporation in revolving credit loans denominated in U.S. Dollars;

(ii) Products Corporation in swing line loans denominated in U.S. Dollars up to $30.0 million;

(iii) Products Corporation in standby and commercial letters of credit denominated in U.S. Dollars and other currencies up to $60.0 million; and

(iv) Products Corporation and certain of its international subsidiaries designated from time to time in revolving credit loans and bankers’ acceptances denominated in U.S. Dollars and other currencies.

Under the Amended Revolving Credit Facility, borrowings (other than loans in foreign currencies) bear interest, if made as Eurodollar Loans, at the Eurodollar Rate plus the applicable margin set forth in the grid below and, if made as Alternate Base Rate Loans, at the Alternate Base Rate plus the applicable margin set forth in the grid below.

Excess Availability	Alternate Base Rate Loans	Eurodollar Loans, Eurocurrency Loan or Local Rate Loans
Greater than or equal to $92,000,000	0.50%	1.50%
Less than $92,000,000 but greater than or equal to $46,000,000	0.75%	1.75%
Less than $46,000,000	1.00%	2.00%

Local Loans (as defined in the Amended Revolving Credit Agreement) bear interest, if mutually acceptable to Products Corporation and the relevant foreign lenders, at the Local Rate, and otherwise (i) if in foreign currencies or in U.S. Dollars at the Eurodollar Rate or the Eurocurrency Rate plus the applicable margin set forth in the grid above or (ii) if in U.S. Dollars at the Alternate Base Rate plus the applicable margin set forth in the grid above.

Prior to the termination date of the Amended Revolving Credit Facility, revolving loans are required to be prepaid (without any permanent reduction in commitment) with:

(i) the net cash proceeds from sales of Revolving Credit First Lien Collateral by Products Corporation or any of Products Corporation’s subsidiary guarantors (other than dispositions in the ordinary course of business and certain other exceptions); and

(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt, to the extent there remains any such proceeds after satisfying Products Corporation’s repayment obligations under the Amended Term Loan Facility.

Products Corporation pays to the lenders under the Amended Revolving Credit Facility a commitment fee of 0.25% of the average daily unused portion of the Amended Revolving Credit Facility, which fee is payable quarterly in arrears. Under the Amended Revolving Credit Facility, Products Corporation also pays:

(i) to foreign lenders a fronting fee of 0.25% per annum on the aggregate principal amount of specified Local Loans (which fee is retained by foreign lenders out of the portion of the Applicable Margin payable to such foreign lender);

(ii) to foreign lenders an administrative fee of 0.25% per annum on the aggregate principal amount of specified Local Loans;

(iii) to the multi-currency lenders a letter of credit commission equal to the product of (a) the Applicable Margin for revolving credit loans that are Eurodollar Rate loans (adjusted for the term that the letter of credit is outstanding) and (b) the aggregate undrawn face amount of letters of credit; and

(iv) to the issuing lender, a letter of credit fronting fee of 0.25% per annum of the aggregate undrawn face amount of letters of credit, which fee is a portion of the Applicable Margin.

Under certain circumstances, Products Corporation has the right to request that the Amended Revolving Credit Facility be increased by up to $100.0 million, provided that the lenders are not committed to provide any such increase.

Under certain circumstances, if and when the difference between (i) the borrowing base under the Amended Revolving Credit Facility and (ii) the amounts outstanding under the Amended Revolving Credit Facility is less than $20.0 million for a period of two consecutive days or more, and until such difference is equal to or greater than $20.0 million for a period of 30 consecutive business days, the Amended Revolving Credit Facility requires Products Corporation to maintain a consolidated fixed charge coverage ratio (the ratio of EBITDA minus Capital Expenditures to Cash Interest Expense for such period) of a minimum of 1.0 to 1.0.

The Amended Revolving Credit Facility matures on the earlier of August 14, 2018 and the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under the Amended Term Loan Facility, but not earlier than June 16, 2016.

Amended Term Loan Facility

Term loans under the Amended Term Loan Facility bear interest at the following interest rates:

	Eurodollar Loans	Alternate Base Rate Loans
2011 Term Loans	Eurodollar Rate plus 2.50% per annum (with the Eurodollar Rate not to be less than 0.75%)	Alternate Base Rate plus 1.50% (with the Alternate Base Rate not to be less than 1.75%)
Acquisition Term Loans	Eurodollar Rate plus 3.00% per annum (with the Eurodollar Rate not to be less than 1.00%)	Alternate Base Rate plus 2.00% (with the Alternate Base Rate not to be less than 2.00%)

The term loans under the Amended Term Loan Facility are required to be prepaid with:

(i) the net cash proceeds in excess of $10 million for each 12-month period ending on March 31 received during such period from sales of Term Loan First Lien Collateral by Products Corporation or any of its subsidiary guarantors with carryover of unused annual basket amounts up to a maximum of $25 million and with respect to certain specified dispositions up to an additional $25 million in the aggregate (subject to a reinvestment right for 365 days, or 545 days if the Company has within such 365-day period entered into a legally binding commitment to invest such funds);

(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt; and

(iii) 50% of Products Corporation’s “excess cash flow” (as defined under the Amended Term Loan Agreement), commencing with excess cash flow for the 2013 fiscal year payable in the first 100 days of 2014.

In addition to its regularly scheduled $1.7 million principal repayment due on March 31, 2015, prior to April 10, 2015, Products Corporation is required to prepay, on or before April 10, 2015, $24.6 million of indebtedness under the Amended Term Loan Facility, representing 50% of its 2014 “excess cash flow” (as defined under the Amended Term Loan Agreement), which prepayment shall be applied on a ratable basis between the principal amounts outstanding under 2011 Term Loan and the Acquisition Term Loan. The amount of the prepayment applied to the 2011 Term Loan will be used to reduce the principal amount outstanding (as all amortization payments under the 2011 Term Loan have been paid). The amount applied to the Acquisition Term Loan will be used to reduce Products Corporation's future regularly scheduled quarterly amortization payments under the Acquisition Term Loan on a ratable basis from $1.8 million prior to the prepayment to $1.7 million after giving effect to the prepayment and through October 2019.

The Amended Term Loan Facility contains a financial covenant limiting Products Corporation’s first lien senior secured leverage ratio (the ratio of Products Corporation’s senior secured debt that has a lien on the collateral which secures the Amended Term Loan Facility that is not junior or subordinated to the liens securing the Amended Term Loan Facility (excluding debt outstanding under the Amended Revolving Credit Facility)) to EBITDA, as each such term is defined in the Amended Term Loan Facility, to no more than 4.25 to 1.0 for each period of four consecutive fiscal quarters ending through the maturity date of the Amended Term Loan Facility.

Products Corporation, under certain circumstances, also has the right to request the Amended Term Loan Facility to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the Amended Term Loan Agreement) does not exceed 3.50:1.00, provided that the lenders are not committed to provide any such increase. Such increase is in addition to the Acquisition Term Loan.

The 2011 Term Loan outstanding under the Amended Term Loan Facility matures on November 19, 2017. The Acquisition Term Loan under the Amended Term Loan Facility has the same terms as the 2011 Term Loans, except that: (i) it matures on the sixth anniversary of the closing of the Acquisition Term Loan (or October 8, 2019); and (ii) it amortizes on March 31, June 30, September 30 and December 31 of each year (which commenced March 31, 2014), in an amount equal to 0.25% of the aggregate principal amount of the Acquisition Term Loan.

Provisions Applicable to the Amended Term Loan Facility and the Amended Revolving Credit Facility

The Amended Credit Agreements are supported by, among other things, guarantees from Revlon, Inc. and, subject to certain limited exceptions, Products Corporation’s domestic subsidiaries. Products Corporation’s obligations under the Amended Term Loan Agreement and the Amended Revolving Credit Agreement and the obligations under such guarantees are secured by, subject to certain limited exceptions, substantially all of Products Corporation’s assets and the assets of the guarantors, including:

(i) a mortgage on owned real property, including Products Corporation’s facility in Oxford, North Carolina;

(ii) Products Corporation’s capital stock and the capital stock of the subsidiary guarantors and 66% of the voting capital stock and 100% of the non-voting capital stock of Products Corporation’s and the subsidiary guarantors’ first-tier, non-U.S. subsidiaries;

(iii) Products Corporation’s and the subsidiary guarantors’ intellectual property and other intangible property; and

(iv) Products Corporation’s and the subsidiary guarantors’ inventory, trade receivables, equipment, investment property and deposit accounts.

The liens on, among other things, inventory, trade receivables, deposit accounts, investment property (other than Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries), real property, equipment, fixtures and certain intangible property secure the Amended Revolving Credit Facility on a first priority basis and the Amended Term Loan Facility on a second priority basis. The liens on Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries and intellectual property and certain other intangible property secure the Amended Term Loan Facility on a first priority basis and the Amended Revolving Credit Facility on a second priority basis. Such arrangements are set forth in the Third Amended and Restated Intercreditor and Collateral Agency Agreement, dated as of March 11, 2010, by and among Products Corporation and CUSA, as administrative agent and as collateral agent for the benefit of the secured parties for the Amended Term Loan Facility and Amended Revolving Credit Facility (the “2010 Intercreditor Agreement”). The 2010 Intercreditor Agreement also provides that the liens referred to above may be shared from time to time, subject to certain limitations, with specified types of other obligations incurred or guaranteed by Products Corporation, such as foreign exchange and interest rate hedging obligations and foreign working capital lines.

The Amended Credit Agreements contain various restrictive covenants prohibiting Products Corporation and its subsidiaries from:

(i) incurring additional indebtedness or guarantees, with certain exceptions;

(ii) making dividend and other payments or loans to Revlon, Inc. or other affiliates, with certain exceptions, including among others:

(a) exceptions permitting Products Corporation to pay dividends or make other payments to Revlon, Inc. to enable it to, among other things, pay expenses incidental to being a public holding company, including, among other things, professional fees such as legal, accounting and insurance fees, regulatory fees, such as SEC filing fees and NYSE listing fees, and other expenses related to being a public holding company;

(b) subject to certain circumstances, to finance the purchase by Revlon, Inc. of its Class A Common Stock in connection with the delivery of such Class A Common Stock to grantees under the Fourth Amended and Restated Revlon, Inc. Stock Plan and/or the payment of withholding taxes in connection with the vesting of restricted stock awards under such plan;

(c) subject to certain limitations, to pay dividends or make other payments to finance the purchase, redemption or other retirement for value by Revlon, Inc. of stock or other equity interests or equivalents in Revlon, Inc. held by any current or former director, employee or consultant in his or her capacity as such; and

(d) subject to certain limitations, to make other restricted payments to Products Corporation’s affiliates in an amount up to $10 million per year (plus $10 million for each calendar year commencing with 2011), other restricted payments in an aggregate amount not to exceed $35 million and certain other restricted payments, including without limitation those based upon certain financial tests;

(iii) creating liens or other encumbrances on Products Corporation’s or its subsidiaries’ assets or revenues, granting negative pledges or selling or transferring any of Products Corporation’s or its subsidiaries’ assets, all subject to certain limited exceptions;

(iv) with certain exceptions, engaging in merger or acquisition transactions;

(v) prepaying indebtedness and modifying the terms of certain indebtedness and specified material contractual obligations, subject to certain exceptions;

(vi) making investments, subject to certain exceptions; and

(vii) entering into transactions with Products Corporation’s affiliates involving aggregate payments or consideration in excess of $10 million other than upon terms that are not materially less favorable when taken as a whole to Products Corporation or its subsidiaries as terms that would be obtainable at the time for a comparable transaction or series of similar transactions in arm’s length dealings with an unrelated third person and where such payments or consideration exceed $20 million, unless such transaction has been approved by all of Products Corporation’s independent directors, subject to certain exceptions.

The events of default under the Amended Credit Agreements include customary events of default for such types of agreements, including, among others:

(i) nonpayment of any principal, interest or other fees when due, subject in the case of interest and fees to a grace period;

(ii) non-compliance with the covenants in the Amended Term Loan Agreement, the Amended Revolving Credit Agreement or the ancillary security documents, subject in certain instances to grace periods;

(iii) the institution of any bankruptcy, insolvency or similar proceedings by or against Products Corporation, any of its subsidiaries or Revlon, Inc., subject in certain instances to grace periods;

(iv) default by Revlon, Inc. or any of its subsidiaries (A) in the payment of certain indebtedness when due (whether at maturity or by acceleration) in excess of $50.0 million in aggregate principal amount or (B) in the observance or performance of any other agreement or condition relating to such debt, provided that the amount of debt involved is in excess of $50.0 million in aggregate principal amount, or the occurrence of any other event, the effect of which default referred to in this subclause (iv) is to cause or permit the holders of such debt to cause the acceleration of payment of such debt;

(v) in the case of the Amended Term Loan Facility, a cross default under the Amended Revolving Credit Facility, and in the case of the Amended Revolving Credit Facility, a cross default under the Amended Term Loan Facility;

(vi) the failure by Products Corporation, certain of Products Corporation’s subsidiaries or Revlon, Inc. to pay certain material judgments;

(vii) a change of control such that (A) Revlon, Inc. shall cease to be the beneficial and record owner of 100% of Products Corporation’s capital stock, (B) Ronald O. Perelman (or his estate, heirs, executors, administrator or other personal representative) and his or their controlled affiliates shall cease to “control” Products Corporation, and any other person or group of persons owns, directly or indirectly, more than 35% of Products Corporation’s total voting power, (C) any person or group of persons other than Ronald O. Perelman (or his estate, heirs, executors, administrator or other personal representative) and his or their controlled affiliates shall “control” Products Corporation or (D) during any period of two consecutive years, the directors serving on Products Corporation’s Board of Directors at the beginning of such period (or other directors nominated by at least a majority of such continuing directors) shall cease to be a majority of the directors;

(viii) Revlon, Inc. shall have any meaningful assets or indebtedness or shall conduct any meaningful business other than its ownership of Products Corporation and such activities as are customary for a publicly traded holding company which is not itself an operating company, in each case subject to limited exceptions; and

(ix) the failure of certain affiliates which hold Products Corporation’s or its subsidiaries’ indebtedness to be party to a valid and enforceable agreement prohibiting such affiliate from demanding or retaining payments in respect of such indebtedness, subject to certain exceptions.

If Products Corporation is in default under the senior secured leverage ratio under the Amended Term Loan Facility or the consolidated fixed charge coverage ratio under the Amended Revolving Credit Agreement, Products Corporation may cure such default by issuing certain equity securities to, or receiving capital contributions from, Revlon, Inc. and applying such cash which is deemed to increase EBITDA for the purpose of calculating the applicable ratio. Products Corporation may exercise this cure right two times in any four-quarter period.

Covenants

Products Corporation was in compliance with all applicable covenants under the Amended Term Loan Agreement and the Amended Revolving Credit Facility as of December 31, 2014 and 2013. At December 31, 2014, the aggregate principal amounts outstanding under the Acquisition Term Loan and the 2011 Term Loan were $693.0 million and $675.0 million, respectively, and availability under the $175.0 million Amended Revolving Credit Facility, based upon the calculated borrowing base less $9.0 million of outstanding undrawn letters of credit and nil then drawn on the Amended Revolving Credit Facility, was $166.0 million.

(b) 5¾% Senior Notes

On February 8, 2013, Products Corporation completed its offering (the "2013 Senior Notes Refinancing"), pursuant to an exemption from registration under the Securities Act of 1933 (as amended, the "Securities Act"), of $500.0 million aggregate principal amount of the 5¾% Senior Notes. The 5¾% Senior Notes are unsecured and were issued to investors at par. The 5¾% Senior Notes mature on February 15, 2021. Interest on the 5¾% Senior Notes accrues at 5¾% per annum, paid every six months on February 15^th and August 15^th. (See "Registration Rights" below).

The 5¾% Senior Notes were issued pursuant to the 5¾% Senior Notes Indenture, dated as of February 8, 2013 (the “Notes Closing Date”), by and among Products Corporation, Products Corporation’s domestic subsidiaries (the “Guarantors”), which also currently guarantee Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, and U.S. Bank National Association, as trustee. The Guarantors issued guarantees (the “Guarantees”) of Products Corporation’s obligations under the 5¾% Senior Notes and the 5¾% Senior Notes Indenture on a joint and several, senior unsecured basis. In January 2014, the Colomer U.S. Subsidiaries became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture.

In December 2013, Products Corporation consummated an offer to exchange the original 5¾% Senior Notes for $500.0 million of new 5¾% Senior Notes, which have substantially the same terms as the original 5¾% Senior Notes, except that they are registered under the Securities Act (such registered new notes being the “5¾% Senior Notes”). See "Registration Rights" below for further discussion.

Products Corporation used a portion of the $491.2 million of net proceeds from the issuance of the 5¾% Senior Notes (net of underwriters' fees) to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes, as well as to pay $8.6 million of accrued interest. Products Corporation incurred an aggregate of $19.4 million of fees for the applicable redemption and tender offer premiums, related fees and expenses in connection with redemption and repayment of the 9¾% Senior Secured Notes and other fees and expenses in connection with the issuance of the 5¾% Senior Notes. Products Corporation used a portion of the remaining proceeds from the issuance of the 5¾% Senior Notes, together with existing cash, to pay approximately $113.0 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the Contributed Loan, which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Series A Preferred Stock in connection with its mandatory redemption on such date.

Ranking

The 5¾% Senior Notes are Products Corporation’s unsubordinated, unsecured obligations and rank senior in right of payment to any future subordinated obligations of Products Corporation and rank pari passu in right of payment with all existing and future senior debt of Products Corporation. Similarly, each Guarantee is the relevant Guarantor’s joint and several, unsubordinated and unsecured obligation and ranks senior in right of payment to any future subordinated obligations of such Guarantor and ranks pari passu in right of payment with all existing and future senior debt of such Guarantor. The Guarantees were issued on a joint and several basis.

The 5¾% Senior Notes and the Guarantees rank effectively junior to Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, which are secured, as well as indebtedness and preferred stock of Products Corporation’s foreign and immaterial subsidiaries (the “Non-Guarantor Subsidiaries”), none of which guarantee the 5¾% Senior Notes.

Optional Redemption

On and after February 15, 2016, the 5¾% Senior Notes may be redeemed at Products Corporation's option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to the date of redemption, if redeemed during the 12-month period beginning on February 15^th of the years indicated below:

Year	Percentage
2016	104.313	%
2017	102.875	%
2018	101.438	%
2019 and thereafter	100.000	%

Products Corporation may redeem the 5¾% Senior Notes at its option at any time or from time to time prior to February 15, 2016, as a whole or in part, at a redemption price per 5¾% Senior Note equal to the sum of (1) the then outstanding principal amount thereof, plus (2) accrued and unpaid interest (if any) to the date of redemption, plus (3) the applicable premium based on the applicable treasury rate plus 75 basis points.

Prior to February 15, 2016, Products Corporation may, from time to time, redeem up to 35% of the aggregate principal amount of the 5¾% Senior Notes and any additional notes with, and to the extent Products Corporation actually receives, the net proceeds of one or more equity offerings from time to time, at 105.75% of the principal amount thereof, plus accrued interest to the date of redemption.

Change of Control

Upon the occurrence of specified change of control events, Products Corporation is required to make an offer to purchase all of the 5¾% Senior Notes at a purchase price of 101% of the outstanding principal amount of the 5¾% Senior Notes as of the date of any such repurchase, plus accrued and unpaid interest to the date of repurchase.

Certain Covenants

The 5¾% Senior Notes Indenture limits Products Corporation’s and the Guarantors’ ability, and the ability of certain other subsidiaries, to:

• incur or guarantee additional indebtedness (“Limitation on Debt”);

• pay dividends, make repayments on indebtedness that is subordinated in right of payment to the 5¾% Senior Notes and make other “restricted payments” (“Limitation on Restricted Payments”);

• make certain investments;

• create liens on their assets to secure debt;

• enter into transactions with affiliates;

• merge, consolidate or amalgamate with another company (“Successor Company”);

• transfer and sell assets (“Limitation on Asset Sales”); and

• permit restrictions on the payment of dividends by Products Corporation’s subsidiaries (“Limitation on Dividends from Subsidiaries”).

These covenants are subject to important qualifications and exceptions. The 5¾% Senior Notes Indenture also contains customary affirmative covenants and events of default.

In addition, if during any period of time the 5¾% Senior Notes receive investment grade ratings from both Standard & Poor’s and Moody’s Investors Services, Inc. and no default or event of default has occurred and is continuing under the 5¾% Senior Notes Indenture, Products Corporation and its subsidiaries will not be subject to the covenants on Limitation on Debt, Limitation on Restricted Payments, Limitation on Asset Sales, Limitation on Dividends from Subsidiaries and certain provisions of the Successor Company covenant.

Registration Rights

On the Notes Closing Date, Products Corporation, the Guarantors and the representatives of the initial purchasers of the 5¾% Senior Notes entered into a Registration Rights Agreement, pursuant to which Products Corporation and the Guarantors agreed with the representatives of the initial purchasers, for the benefit of the holders of the 5¾% Senior Notes, that Products Corporation would, at its cost, among other things: (i) file a registration statement with respect to the 5¾% Senior Notes within 150 days after the Notes Closing Date to be used in connection with the exchange of the 5¾% Senior Notes and related guarantees for publicly registered notes and related guarantees with substantially identical terms in all material respects (except for the transfer restrictions relating to the 5¾% Senior Notes and interest rate increases as described below); (ii) use its reasonable best efforts to cause the applicable registration statement to become effective under the Securities Act within 210 days after the Notes Closing Date; and (iii) use its reasonable best efforts to effect an exchange offer of the 5¾% Senior Notes and the related guarantees for registered notes and related guarantees within 270 days after the Notes Closing Date. In addition, under certain circumstances, Products Corporation was required to file a shelf registration statement to cover resales of the 5¾% Senior Notes. If Products Corporation failed to satisfy such obligations, it was obligated to pay additional interest to each holder of the 5¾% Senior Notes that were subject to transfer restrictions, with respect to the first 90-day period immediately following any such failure, at a rate of 0.25% per annum on the principal amount of the 5¾% Senior Notes that were subject to transfer restrictions held by such holder. The amount of additional interest increased by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration requirements were satisfied, up to a maximum amount of additional interest of 0.50% per annum on the principal amount of the 5¾% Senior Notes that were subject to transfer restrictions.

On December 24, 2013, Products Corporation, consummated an offer to exchange Products Corporation’s 5¾% Senior Notes for new notes, with substantially the same terms, but which were registered under the Securities Act. By having the Registration Statement declared effective by the SEC on November 22, 2013, Products Corporation cured the first registration default that occurred under the Registration Rights Agreement, because the Registration Statement had not been declared effective by September 6, 2013. By consummating the Exchange Offer on December 24, 2013, Products Corporation cured the second registration default under the Registration Rights Agreement, that occurred because Products Corporation had not consummated the Exchange Offer by November 5, 2013. The first registration default caused the interest on the 5¾% Senior Notes to increase from 5.75% per annum to 6.00% per annum from September 7, 2013 through December 5, 2013 and the second registration default caused the interest on the 5¾% Senior Notes to increase to 6.25% per annum from December 6, 2013 through December 23, 2013. With Products Corporation having consummated the Exchange Offer on December 24, 2013, interest on the 5¾% Senior Notes resumed accruing at the original rate of 5.75% per annum effective from such date. The Company recorded additional interest expense of $0.4 million during the year ended December 31, 2013 with respect to the registration defaults.

Covenants

Products Corporation was in compliance with all applicable covenants under its 5¾% Senior Notes Indenture as of December 31, 2014.

(c) Amended and Restated Senior Subordinated Term Loan Agreement

In January 2008, Products Corporation entered into a $170.0 million Senior Subordinated Term Loan Agreement with MacAndrews & Forbes and on February 1, 2008 used the $170.0 million of proceeds from such loan to repay in full the $167.4 million remaining aggregate principal amount of Products Corporation’s 8 5/8% Senior Subordinated Notes, which matured on February 1, 2008, and to pay $2.55 million of related fees and expenses.

In September 2008, Products Corporation used $63.0 million of the net proceeds from the July 2008 sale of the Company’s Bozzano business in Brazil to partially repay $63.0 million of the outstanding aggregate principal amount of the Senior Subordinated Term Loan. Following such partial repayment, there remained outstanding $107.0 million in aggregate principal amount under such loan consisting of $48.6 million (the “Contributed Loan”) and $58.4 million (the “Non-Contributed Loan”). As of the date of the 2009 Exchange Offer and prior to its October 8, 2013 maturity date when it was completely repaid (the proceeds of which Revlon, Inc. used to consummate the mandatory redemption of the Preferred Stock on such date), the Contributed Loan was due to Revlon, Inc. by Products Corporation. In October 2009, Revlon, Inc. consummated a voluntary exchange offer transaction (the 2009 Exchange Offer"), in which MacAndrews & Forbes contributed to Revlon, Inc. $48.6 million of the $107.0 million aggregate principal amount of the Senior Subordinated Term Loan made by MacAndrews & Forbes to Products Corporation (the “Contributed Loan”). As of the date of the 2009 Exchange Offer and prior to its October 8, 2013 maturity date when it was completely repaid (the proceeds of which Revlon, Inc. used to consummate the mandatory redemption of the Series A Preferred Stock on such date), the Contributed Loan was due to Revlon, Inc. by Products Corporation. The $48.6 million Contributed Loan represented $5.21 of outstanding principal amount under the Senior Subordinated Term Loan for each of the 9,336,905 shares of Class A Common Stock exchanged in the 2009 Exchange Offer, in which Revlon, Inc. issued to MacAndrews & Forbes 9,336,905 shares of Class A Common Stock at a ratio of one share of Class A Common Stock for each $5.21 of outstanding principal amount of the Senior Subordinated Term Loan contributed to Revlon, Inc. The terms of the Senior Subordinated Term Loan Agreement were also amended to extend the maturity date of the Contributed Loan to October 8, 2013 and to change the annual interest rate on the Contributed Loan to 12.75%.

Upon consummation of the 2009 Exchange Offer, the terms of the Senior Subordinated Term Loan Agreement were also amended to extend the maturity date of the $58.4 million principal amount of the Senior Subordinated Term Loan (the “Non-Contributed Loan”) to October 8, 2014 and to change the annual interest rate on the Non-Contributed Loan to 12%.

On April 30, 2012, MacAndrews & Forbes exercised its right to assign its interest in the Non-Contributed Loan. In connection with such assignment, Products Corporation entered into an Amended and Restated Senior Subordinated Term Loan Agreement with MacAndrews & Forbes and a related Administrative Letter was entered into with Citibank, N.A. and MacAndrews & Forbes, to among other things:

i. modify the interest rate on the Non-Contributed Loan from its prior 12% fixed rate to a floating rate of LIBOR plus 7%, with a 1.5% LIBOR floor, resulting in an interest rate of approximately 8.5% per annum (or a 3.5% reduction per annum) upon the effectiveness of the Amended and Restated Senior Subordinated Term Loan Agreement;

ii. insert prepayment premiums such that Products Corporation could optionally prepay the Non-Contributed Loan (a) from November 1, 2013 through April 30, 2014 with a 2% prepayment premium on the aggregate principal amount of the Non-Contributed Loan being prepaid, and (b) from May 1, 2014 through maturity on October 8, 2014 with no prepayment premium; and

iii. designate Citibank, N.A. as the administrative agent for the Non-Contributed Loan.

Concurrent with the effectiveness of the Amended and Restated Senior Subordinated Term Loan Agreement, MacAndrews & Forbes assigned its entire interest in the Non-Contributed Loan to several third parties.

On its October 8, 2013 maturity date, Products Corporation paid to Revlon, Inc. the $48.6 million aggregate principal amount outstanding under the Contributed Loan, which Revlon, Inc. used to consummatethe mandatory redemption of the Series A Preferred Stock on such date.

On May 1, 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the Non-Contributed Loan that remained owing from Products Corporation to various third parties.  The Non-Contributed Loan would have otherwise matured on October 8, 2014. In connection with the prepayment, the Company wrote-off $0.1 million of deferred financing costs, which were recognized within loss on early extinguishment of debt in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income for the year ended December 31, 2014.

(d) Spanish Government Loan

In connection with the Colomer Acquisition, the Company acquired the Colomer Group's euro-denominated loan payable to the Spanish government (the "Spanish Government Loan"), which loan had $0.7 million aggregate principal amount outstanding as of December 31, 2014 (based on foreign exchange rates in effect as of such date).  The Spanish Government Loan does not bear interest and is payable in 10 equal installments on June 30^th of each year beginning in 2016 through 2025. 

Long-Term Debt Maturities

The aggregate amounts of contractual long-term debt maturities at December 31, 2014 in the years 2015 through 2019 and thereafter are as follows:

Years Ended December 31,	Long-Term Debt Maturities
2015	$	31.5		(a)
2016	7.0			(a)
2017	669.8			(b)
2018	7.0			(a)
2019	653.1			(c)
Thereafter	500.3			(d)
Total long-term debt	1,868.7
Discounts	(4.8		)
Total long-term debt, net of discounts	$	1,863.9

^(a)  Amount includes the quarterly amortization payments required under the Acquisition Term Loan as well as the required $24.6 million “excess cash flow” prepayment to be made on or before April 10, 2015 under the Amended Term Loan Agreement (as defined under the Amended Term Loan Agreement).

^(b)  Amount includes the aggregate principal amount expected to be outstanding under the 2011 Term Loan which matures on November 19, 2017, after giving effect to the quarterly amortization payments required under the Acquisition Term Loan and the excess cash flow prepayment referred to in note (a) above.

^(c)  Amount is comprised of the aggregate principal amount expected to be outstanding under the Acquisition Term Loan assuming a maturity date of October 9, 2019, after giving effect to the amortization payments and excess cash flow prepayment referred to in note (a) above.

^(d)  Amount is primarily comprised of the $500.0 million aggregate principal amount outstanding as of December 31, 2014 under the 5¾% Senior Notes, which mature on February 21, 2021.

XML

PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Aggregate Reconciliation of Projected Benefit Obligations, Plan Assets, Funded Status and Amounts Recognized (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Curtailments			$ 1.7
Defined Benefit Plan, Fair Value of Plan Assets	567.7	557.6
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation	(761.7)	(668.2)	(744.6)
Defined Benefit Plan, Service Cost	(0.8)	(0.9)	(1.6)
Defined Benefit Plan, Interest Cost	(30.1)	(27.6)	(30.0)
Defined Benefit Plan, Actuarial Gain (Loss)	(108.0)	65.5
Defined Benefit Plan, Benefits Paid	(41.0)	(39.1)
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss)	4.4	(0.1)
Defined Benefit Plan, Other Changes	0	0.4
Defined Benefit Plan, Fair Value of Plan Assets	567.7	557.6	520.2
Defined Benefit Plan, Actual Return on Plan Assets	37.6	58.1
Contributions made to benefit plans	18.2	17.7
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets	(4.7)	0.7
Defined Benefit Plan, Funded Status of Plan	(194.0)	(110.6)
Other Post-Retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation	(12.9)	(14.4)	(16.5)
Defined Benefit Plan, Service Cost	0	0	0
Defined Benefit Plan, Interest Cost	(0.5)	(0.6)	(0.7)
Defined Benefit Plan, Actuarial Gain (Loss)	(0.2)	1.6
Defined Benefit Plan, Benefits Paid	(0.7)	(0.8)
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss)	0	0.3
Defined Benefit Plan, Other Changes	1.5	0
Defined Benefit Plan, Fair Value of Plan Assets	0	0	0
Defined Benefit Plan, Actual Return on Plan Assets	0	0
Contributions made to benefit plans	0.7	0.8
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets	0	0
Defined Benefit Plan, Funded Status of Plan	$ (12.9)	$ (14.4)

XML

STOCK COMPENSATION PLAN (Details) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended	12 Months Ended
	Oct. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance		6,565,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		80,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		0	800	8,100	264,500
Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Period Range Start		1 year
Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Period Range End		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		0	800	8,105
Shares Paid for Tax Withholding for Share Based Compensation		22,328		83,582
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 0.00	$ 27.50	$ 29.91	$ 31.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period		(800)	(7,300)	(256,400)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price		$ 27.50	$ 30.17	$ 31.06
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years 4 months
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Range Start		3 years
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Range End		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		773,400	120,000	0	257,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 30.37	$ 24.80	$ 0.00	$ 7.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		(40,000)		(257,400)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		$ 24.80		$ 7.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	120,000	693,378	120,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 31.01	$ 24.80
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 1.0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 18.8
Options Granted On June Four Two Thousand Four And Thereafter [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term		7 years

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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME (USD $) In Millions, unless otherwise specified	3 Months Ended																12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Income Statement [Abstract]
Net sales	$ 501.0		$ 472.3		$ 497.9		$ 469.8		$ 491.0		$ 333.1		$ 344.7		$ 325.9		$ 1,941.0		$ 1,494.7		$ 1,396.4
Cost of sales																	668.3		545.1		493.8
Gross profit	328.0		307.7		330.7		306.3		304.0		212.0		222.1		211.5		1,272.7		949.6		902.6
Selling, general and administrative expenses																	999.7		723.6		663.3
Acquisition and integration costs																	6.4		25.4		0
Restructuring charges and other, net																	21.3		3.5		20.5
Operating income																	245.3		197.1		218.8
Other expenses, net:
Interest expense																	84.4		78.6		85.3
Amortization of debt issuance costs																	5.5		3.5		3.4
Loss on early extinguishment of debt							1.9								27.9		2.0		29.7		0
Foreign currency losses, net																	25.0		3.7		2.8
Miscellaneous, net																	1.2		1.0		1.2
Other expenses, net																	118.1		116.5		92.7
Income from continuing operations before income taxes																	127.2		80.6		126.1
Provision for income taxes																	81.2		48.6		44.8
Income from continuing operations, net of taxes	4.1	[1],[2]	15.8	[1],[2]	15.9	[1],[2]	10.2	[1],[2]	(7.1)	[3],[4],[5]	11.5	[3],[4],[5]	29.5	[3],[4],[5]	(1.9)	[3],[4],[5]	46.0		32.0		81.3
Income (loss) from discontinued operations, net of taxes	0.4	[6]	0.4	[6]	3.7	[6]	(3.2)	[6]	(24.1)		(1.5)		(2.4)		(2.4)		1.3		(30.4)		(10.1)
Net income	4.5	[1],[2]	16.2	[1],[2]	19.6	[1],[2]	7.0	[1],[2]	(31.2)	[3],[4],[5]	10.0	[3],[4],[5]	27.1	[3],[4],[5]	(4.3)	[3],[4],[5]	47.3		1.6		71.2
Other comprehensive (loss) income :
Currency translation adjustment, net of tax																	(24.6)	[7]	(4.1)	[7]	(1.5)	[7]
Amortization of pension related costs, net of tax																	4.5	[10],[8],[9]	7.7	[10],[8],[9]	9.4	[10],[11],[8],[9]
Pension re-measurement, net of tax																	(69.6)	[12]	53.3	[12]	(15.4)	[12]
Pension curtailment gain																	0		0		0.2	[11]
Revaluation of derivative financial instruments, net of tax																	(3.7)	[13],[14]	1.5	[13],[14]	0	[13]
Other comprehensive (loss) income																	(93.4)	[15]	58.4	[15]	(7.3)	[15]
Total comprehensive (loss) income																	$ (46.1)		$ 60.0		$ 63.9

[1] for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation).

[2] Income from continuing operations and net income for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”).

[3] (Loss) income from continuing operations and net (loss) income for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility.

[4] (Loss) income from continuing operations and net loss for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”).

[5] (Loss) from continuing operations and net loss for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes.

[6] (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations").

[7] Net of tax benefit of $2.1 million, $3.3 million and $1.0 million for 2014, 2013 and 2012, respectively.

[8] This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 14, “Savings, Pension and Post-Retirement Benefits,” for additional information regarding net periodic benefit (income) costs.

[9] Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

[10] Net of tax expense of $0.1 million, $1.2 million and $1.0 million for 2014, 2013 and 2012, respectively.

[11] As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.

[12] Net of tax (benefit) expense of $(42.0) million, $33.5 million and $(7.2) million for 2014, 2013 and 2012, respectively.

[13] Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively.

[14] (d) For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.

[15] See Note 17, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012.

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INVENTORIES

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

	December 31,
	2014		2013
Raw materials and supplies	$	47.2	$	50.8
Work-in-process	9.0		12.8
Finished goods	100.4		111.4
	$	156.6	$	175.0

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DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

On December 30, 2013, the Company announced that it was implementing restructuring actions which included exiting its business operations in China (refer to Note 3, "Restructuring Charges - December 2013 Program").

The results of the China discontinued operations are included within income (loss) from discontinued operations, net of taxes, and relate to the Consumer segment. The summary comparative financial results of discontinued operations are as follows:

	Year Ended December 31,
	2014		2013			2012
Net sales (a)	$	2.6	$	13.8		$	29.7
Income (loss) from discontinued operations, before taxes (b)	1.5		(30.8		)	(10.5		)
Benefit for income taxes	0.2		(0.4		)	(0.4		)
Income (loss) from discontinued operations, net of taxes	1.3		(30.4		)	(10.1		)

^(a) Net sales during 2014 include favorable adjustments to sales returns related to the Company's exit of its China operations.

^(b) Included in loss from discontinued operations, before taxes for 2013 is $20.0 million of restructuring and related charges related to the Company's exit of its business operations in China as part of the December 2013 Program. Refer to Note 3, "Restructuring Charges - December 2013 Program," for related disclosures.

Assets and liabilities of the China discontinued operations included in the Consolidated Balance Sheets consist of the following:

	December 31,
	2014		2013
Cash and cash equivalents	$	2.4	$	0.9
Trade receivables, net	0.2		1.9
Total current assets	2.6		2.8
Total assets	$	2.6	$	2.8
Accounts payable	$	0.2	$	4.7
Accrued expenses and other	3.9		27.6
Total current liabilities	4.1		32.3
Other long-term liabilities	—		2.8
Total liabilities	$	4.1	$	35.1

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INCOME TAXES

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company's income before income taxes and the applicable provision for income taxes are as follows:

	Year Ended December 31,
	2014			2013			2012
Income from continuing operations before income taxes:
United States	$	146.9		$	36.0		$	108.4
Foreign	(19.7		)	44.6			17.7
	$	127.2		$	80.6		$	126.1
Provision for (benefit from) income taxes:
United States federal	$	58.2		$	27.4		$	43.1
State and local	17.9			13.8			(9.8		)
Foreign	5.1			7.4			11.5
	$	81.2		$	48.6		$	44.8
Current:
United States federal	$	2.6		$	3.2		$	2.3
State and local	3.5			0.7			2.2
Foreign	7.2			11.3			10.7
	13.3			15.2			15.2
Deferred:
United States federal	55.6			24.2			40.8
State and local	14.4			13.1			(12.0		)
Foreign	(2.1		)	(3.9		)	0.8
	67.9			33.4			29.6
Total provision for income taxes:	$	81.2		$	48.6		$	44.8

The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate below. Certain prior year amounts have been reclassified to conform to the presentation for 2014.

	Year Ended December 31,
	2014		2013			2012
Computed income tax expense	$	44.5	$	28.2		$	44.1
State and local taxes, net of U.S. federal income tax benefit	20.5		8.9			3.9
Foreign and U.S. tax effects attributable to operations outside the U.S.	4.2		(4.9		)	(4.3		)
Establishment (release) of valuation allowance	6.4		—			(15.8		)
Foreign dividends and earnings taxable in the U.S.	5.4		11.0			12.7
Restructuring charges and litigation loss contingency for which there is no tax benefit	—		2.7			7.2
Other	0.2		2.7			(3.0		)
Tax expense	$	81.2	$	48.6		$	44.8

Deferred taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities at December 31, 2014 and 2013 were comprised of the following:

	December 31,
	2014			2013(a)
Deferred tax assets:
Inventories	$	7.6		$	9.1
Net operating loss carryforwards - U.S.	77.6			127.8
Net operating loss carryforwards - foreign	57.9			69.9
Employee benefits	100.7			65.0
State and local taxes	2.7			2.3
Sales related reserves	26.2			33.3
Other	46.1			41.0
Total gross deferred tax assets	318.8			348.4
Less valuation allowance	(57.1		)	(61.7		)
Total deferred tax assets, net of valuation allowance	261.7			286.7
Deferred tax liabilities:
Plant, equipment and other assets	(30.0		)	(29.3		)
Intangibles	(88.0		)	(98.8		)
Foreign currency translation adjustment	3.9			1.9
Other	(55.2		)	(45.2		)
Total gross deferred tax liabilities	(169.3		)	(171.4		)
Net deferred tax assets	$	92.4		$	115.3

^(a) During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

As previously disclosed, in assessing the recoverability of its deferred tax assets, management regularly considers whether some portion or all of the deferred tax assets will not be realized based on the recognition threshold and measurement of a tax position. The ultimate realization of deferred tax assets is generally dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Based on the level of historical losses for certain jurisdictions within the U.S., the Company had maintained a deferred tax valuation allowance against certain of its deferred tax assets. As of December 31, 2012, the Company had experienced improved earnings trends and had cumulative taxable income in such jurisdictions. As a result of such earnings trends and the Company’s tax position, and based upon the Company’s projections for future taxable income over the periods in which the deferred tax assets are recoverable, management concluded that it was more likely than not that the Company would realize the benefits of certain of its net deferred tax assets existing at December 31, 2012 in those jurisdictions. Therefore, at December 31, 2012, the Company realized a non-cash benefit of $15.8 million related to a reduction of the Company’s deferred tax valuation allowance on certain of its net deferred tax assets for certain jurisdictions within the U.S. The Company reflected this benefit in the tax provision and this non-cash benefit increased net income at December 31, 2012.

A valuation allowance has been provided for those deferred tax assets for which, in the opinion of the Company's management, it is more-likely-than-not that the deferred tax assets will not be realized. At December 31, 2014, the deferred tax valuation allowance primarily represents amounts for foreign tax loss carryforwards and certain U.S. state and local tax loss carryforwards. The deferred tax valuation allowance decreased by $4.6 million and $8.9 million during 2014 and 2013, respectively. The decrease in the deferred tax valuation allowance during 2014 was primarily due to foreign currency translation and the amalgamation of certain foreign subsidiaries, partially offset by the establishment of a valuation allowance against certain deferred tax assets in the Professional segment during 2014. The decrease in the deferred tax valuation allowance during 2013 was primarily due to changes in the presentation of the Company's unrecognized tax benefits as a result of its prospective adoption of ASU No. 2013-11 at December 31, 2013, partially offset by a valuation allowance recorded against certain deferred tax assets resulting from the Colomer Acquisition.

After December 31, 2014, the Company has tax loss carryforwards of approximately $389.3 million, of which $244.2 million are foreign and $145.1 million are domestic (federal). The losses expire in future years as follows: 2015- $0.3 million; 2016- $4.0 million; 2017- $9.2 million; 2018 and beyond- $188.9 million; and unlimited- $186.9 million. The Company could receive the benefit of such tax loss carryforwards only to the extent it has taxable income during the carryforward periods in the applicable tax jurisdictions. As of December 31, 2014, there were no consolidated federal net operating losses available from the MacAndrews & Forbes Group (as hereinafter defined) from periods prior to the March 25, 2004 deconsolidation (as described below).

The Company remains subject to examination of its income tax returns in various jurisdictions including, without limitation, Australia, Canada and Spain for tax years ended December 31, 2010 through December 31, 2013 and South Africa and the U.S. (federal) for tax years ended December 31, 2011 through December 31, 2013. The Company classifies interest and penalties as a component of the provision for income taxes. During 2014 and 2013, the Company recognized in the Consolidated Statements of Income and Comprehensive (Loss) Income a decrease of $0.9 million and a decrease of $1.7 million, respectively, in accrued interest and penalties.

At December 31, 2014 and 2013, the Company had unrecognized tax benefits of $62.0 million and $74.5 million, respectively, including $11.3 million and $11.6 million, respectively, of accrued interest and penalties. All of the unrecognized tax benefits, to the extent reduced and unutilized in future periods, would affect the Company’s effective tax rate. A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

Balance at January 1, 2013	$	49.9
Increase based on tax positions taken in a prior year	25.8
Decrease based on tax positions taken in a prior year	(1.6		)
Increase based on tax positions taken in the current year	9.3
Decrease resulting from the lapse of statutes of limitations	(8.9		)
Balance at December 31, 2013	74.5
Increase based on tax positions taken in a prior year	12.6
Decrease based on tax positions taken in a prior year	(22.8		)
Increase based on tax positions taken in the current year	8.0
Decrease resulting from the lapse of statutes of limitations	(10.3		)
Balance at December 31, 2014	$	62.0

In addition, the Company believes that it is reasonably possible that its unrecognized tax benefits during 2015 will increase by approximately $2.4 million as a result of changes in various tax positions, each of which is individually insignificant.

The Company has not provided for U.S. federal income taxes and foreign withholding taxes on $42.0 million of foreign subsidiaries' cumulative undistributed earnings as of December 31, 2014 because such earnings are intended to be indefinitely reinvested overseas. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, additional tax provisions may be required. Due to the complexities in the tax laws and the assumptions that would have to be made, it is not practicable to estimate the amounts of income tax provisions that may be required.

As a result of the closing of the 2004 Revlon Exchange Transactions (as hereinafter defined in Note 20, “Related Party Transactions - Tax Sharing Agreements”), as of March 25, 2004, Revlon, Inc., Products Corporation and their U.S. subsidiaries were no longer included in the affiliated group of which MacAndrews & Forbes was the common parent (the “MacAndrews & Forbes Group”) for federal income tax purposes. Revlon Holdings (as hereinafter defined in Note 20, “Related Party Transactions - Transfer Agreements”), Revlon, Inc., Products Corporation and certain of its subsidiaries, and MacAndrews & Forbes Incorporated entered into a tax sharing agreement (as subsequently amended and restated, the "MacAndrews & Forbes Tax Sharing Agreement"), for taxable periods beginning on or after January 1, 1992 through and including March 25, 2004, during which Revlon, Inc. and Products Corporation or a subsidiary of Products Corporation was a member of the MacAndrews & Forbes Group. In these taxable periods, Revlon, Inc.'s and Products Corporation's federal taxable income and loss were included in such group's consolidated tax return filed by MacAndrews & Forbes Incorporated. Revlon, Inc. and Products Corporation were also included in certain state and local tax returns of MacAndrews & Forbes Incorporated or its subsidiaries. Revlon, Inc. and Products Corporation remain liable under the MacAndrews & Forbes Tax Sharing Agreement for all such taxable periods through and including March 25, 2004 for amounts determined to be due as a result of a redetermination arising from an audit or otherwise, equal to the taxes that Revlon, Inc. or Products Corporation would otherwise have had to pay if it were to have filed separate federal, state or local income tax returns for such periods.

Following the closing of the 2004 Revlon Exchange Transactions, Revlon, Inc. became the parent of a new consolidated group for federal income tax purposes and Products Corporation's federal taxable income and loss are included in such group's consolidated tax returns. Accordingly, Revlon, Inc. and Products Corporation entered into a tax sharing agreement (the "Revlon Tax Sharing Agreement") pursuant to which Products Corporation is required to pay to Revlon, Inc. amounts equal to the taxes that Products Corporation would otherwise have had to pay if Products Corporation were to file separate federal, state or local income tax returns, limited to the amount, and payable only at such times, as Revlon, Inc. will be required to make payments to the applicable taxing authorities.

There were no federal tax payments or payments in lieu of taxes from Revlon, Inc. to Revlon Holdings pursuant to the MacAndrews & Forbes Tax Sharing Agreement in 2014 or 2013 with respect to periods covered by the MacAndrews & Forbes Tax Sharing Agreement, and the Company expects that there will not be any such payments in 2015. During 2014, there were $0.3 million of federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement with respect to 2014 and nil with respect to 2013. During 2013, there was $1.3 million in federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement with respect to 2012. The Company expects that there will be no federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement during 2015 with respect to 2014.

Pursuant to the asset transfer agreement referred to in Note 20, “Related Party Transactions - Transfer Agreements,” Products Corporation assumed all tax liabilities of Revlon Holdings other than (i) certain income tax liabilities arising prior to January 1, 1992 to the extent such liabilities exceeded the reserves on Revlon Holdings' books as of January 1, 1992 or were not of the nature reserved for and (ii) other tax liabilities to the extent such liabilities are related to the business and assets retained by Revlon Holdings.

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FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Assets and liabilities are required to be categorized into three levels of fair value based upon the assumptions used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, generally would require significant management judgment. The three levels for categorizing the fair value measurement of assets and liabilities are as follows:

• Level 1: Fair valuing the asset or liability using observable inputs, such as quoted prices in active markets for identical assets or liabilities;

• Level 2: Fair valuing the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

• Level 3: Fair valuing the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability.

As of December 31, 2014, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets:
Derivatives:
FX Contracts(a)	$	0.2	$	—	$	0.2	$	—
Total assets at fair value	$	0.2	$	—	$	0.2	$	—
Liabilities:
Derivatives:
FX Contracts(a)	$	—	$	—	$	—	$	—
2013 Interest Rate Swap(b)	3.5		—		3.5		—
Total liabilities at fair value	$	3.5	$	—	$	3.5	$	—

As of December 31, 2013, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets:
Derivatives:
FX Contracts(a)	$	1.0	$	—	$	1.0	$	—
2013 Interest Rate Swap(b)	2.5		—		2.5		—
Total assets at fair value	$	3.5	$	—	$	3.5	$	—
Liabilities:
Derivatives:
FX Contracts(a)	$	0.2	$	—	$	0.2	$	—
Total liabilities at fair value	$	0.2	$	—	$	0.2	$	—

^(a)  The fair value of the Company’s foreign currency forward exchange contracts ("FX Contracts") was measured based on observable market transactions of spot and forward rates on the respective dates. See Note 13, “Financial Instruments.”

^(b)  The fair value of the Company's 2013 Interest Rate Swap was measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve on the respective dates. See Note 13, “Financial Instruments.”

As of December 31, 2014, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:

	Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
Liabilities:
Long-term debt, including current portion	$	—	$	1,844.0	$	—	$	1,844.0	$	1,863.9

As of December 31, 2013, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:

	Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
Liabilities:
Long-term debt, including current portion	$	—	$	1,931.9	$	—	$	1,931.9	$	1,927.7

The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on the quoted market prices for the same issues or on the current rates offered for debt of similar remaining maturities.

The carrying amounts of cash and cash equivalents, trade receivables, notes receivable, accounts payable and short-term borrowings approximate their fair values.

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PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
United States Pension Plan of US Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.89%	4.68%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.68%	3.78%	4.38%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	7.75%	7.75%	7.75%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase	3.00%	3.00%	3.50%
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.74%	4.48%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.48%	4.33%	4.77%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	6.00%	6.00%	6.22%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase	3.40%	2.97%	3.05%

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GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following table presents the changes in goodwill by segment during each of 2014 and 2013:

	Consumer		Professional			Total
Balance at January 1, 2013	$	217.8	$	—		$	217.8
Goodwill acquired	—		255.7			255.7
Foreign currency translation adjustment	$	0.1	$	1.1		$	1.2
Balance at December 31, 2013 before Measurement Period Adjustments (a)	$	217.9	$	256.8		$	474.7
Measurement Period Adjustments	—		(2.4		)	(2.4		)
Balance at December 31, 2013	217.9		254.4			472.3
Foreign currency translation adjustment	—		(8.2		)	(8.2		)
Balance at December 31, 2014	$	217.9	$	246.2		$	464.1

^(a) As previously reported in the Company's 2013 Form 10-K.

The goodwill acquired during 2013 relates to the Colomer Acquisition and was assigned to the Professional segment. During the first quarter of 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. See Note 2, "Business Combination" for further discussion of the Colomer Acquisition.

Intangible Assets, Net

The following tables present details of the Company's total intangible assets for each of 2014 and 2013:

	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and Licenses	$	140.5	$	(23.5	)	$	117.0	14
Customer relationships	109.1		(13.4		)	95.7		17
Patents and Internally-Developed IP	16.2		(2.4		)	13.8		10
Total finite-lived intangible assets	$	265.8	$	(39.3	)	$	226.5
Indefinite-lived intangible assets:
Trade Names	$	101.3	$	—		$	101.3
Total indefinite-lived intangible assets	$	101.3	$	—		$	101.3
Total intangible assets	$	367.1	$	(39.3	)	$	327.8
	December 31, 2013 (a)
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and Licenses	$	142.1	$	(11.0	)	$	131.1	14
Customer relationships	111.5		(6.7		)	104.8		16
Patents and Internally-Developed IP	15.8		(1.3		)	14.5		10
Total finite-lived intangible assets	$	269.4	$	(19.0	)	$	250.4
Indefinite-lived intangible assets:
Trade Names	$	109.7	$	—		$	109.7
Total indefinite-lived intangible assets	$	109.7	$	—		$	109.7
Total intangible assets	$	379.1	$	(19.0	)	$	360.1

^(a) During the first quarter of 2014, the Company recorded Measurement Period Adjustments to customer relationships acquired in the Colomer Acquisition on October 9, 2013. Accordingly, 2013 has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

Amortization expense for finite-lived intangible assets was $21.3 million, $10.4 million and $4.6 million for 2014, 2013 and 2012, respectively.

The following table reflects the estimated future amortization expense, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of December 31, 2014:

	Estimated Amortization Expense
2015	$	20.9
2016	20.7
2017	20.6
2018	19.6
2019	16.9
Thereafter	127.8
Total	$	226.5

Summary of Changes in Goodwill

The following table reflects the estimated future amortization expense, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of December 31, 2014:

	Estimated Amortization Expense
2015	$	20.9
2016	20.7
2017	20.6
2018	19.6
2019	16.9
Thereafter	127.8
Total	$	226.5

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RESTRUCTURING CHARGES - Additional Information (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended				0 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Dec. 30, 2013 job_position	Mar. 31, 2014 job_position	Dec. 31, 2013	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other, net	$ 21.3		$ 3.5	$ 20.5
Payments for restructuring	22.6		20.2
Restructuring reserve within accrued expenses and other	13.7		13.7				13.7
Accrued Expenses and Other
Restructuring Cost and Reserve [Line Items]
Restructuring reserve within accrued expenses and other	13.7
Other Long-term Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Noncurrent	0.3
Integration Program
Restructuring Cost and Reserve [Line Items]
Total expected net charges	25.0
Restructuring charges and other, net	20.1
Total expected restructuring cash payments	24.0
Payments for restructuring	9.6
December 2013 Program
Restructuring Cost and Reserve [Line Items]
Total expected net charges	18.9
Restructuring charges and other, net	(2.5)	[1]	21.4			13.5	21.4
Total expected restructuring cash payments	17.0
Payments for restructuring	15.5		0.1
Number of positions eliminated (job positions)					1,100
Number of positions eliminated related to employees retained indirectly through a third party (job positions)						940
Cumulative charges incurred through December 31, 2014	18.9
2012 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other, net			3.1	24.1
Cumulative charges incurred through December 31, 2014			27.2				27.2
2012 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cash payments	25.1
Payments for restructuring	4.0		17.3	3.8
Other | Integration Program
Restructuring Cost and Reserve [Line Items]
Total expected net charges	3.0
Restructuring charges and other, net	1.6
Payments for restructuring	1.2
Other | December 2013 Program
Restructuring Cost and Reserve [Line Items]
Total expected net charges	0.3
Restructuring charges and other, net	(0.2)	[1]	0.5
Payments for restructuring	0.3		0
Cumulative charges incurred through December 31, 2014	0.3
Other | 2012 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	1.5		1.7
Other | 2014 Other Immaterial Actions
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other, net	2.7
Payments for restructuring	0.2
Employee Severance and Other Personnel Benefits | Integration Program
Restructuring Cost and Reserve [Line Items]
Total expected net charges	18.0
Restructuring charges and other, net	17.3
Payments for restructuring	7.6
Employee Severance and Other Personnel Benefits | December 2013 Program
Restructuring Cost and Reserve [Line Items]
Total expected net charges	8.6
Restructuring charges and other, net	(0.5)	[1]	9.1
Payments for restructuring	7.3		0.1
Cumulative charges incurred through December 31, 2014	8.6
Employee Severance and Other Personnel Benefits | 2012 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	2.5		18.1
Employee Severance and Other Personnel Benefits | 2014 Other Immaterial Actions
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	2.0
Restructuring charges prior to gain on sale of facility	5.3
Gain on Sale of Equipment | 2014 Other Immaterial Actions
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other, net	2.6
Maximum
Restructuring Cost and Reserve [Line Items]
Capital expenditure and related non-restructuring costs	50
Consumer Segment | Integration Program
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other, net	10.2
Professional | Integration Program
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other, net	9.9
The Colomer Group Participations, S.L.
Restructuring Cost and Reserve [Line Items]
Integration related costs	5.9		12.5
Expected Acquisition and integration expected related capital expenditures	7
Acquisition and integration related capital expenditures	4.4
Scenario, Forecast [Member] | Integration Program
Restructuring Cost and Reserve [Line Items]
Payments for restructuring								14.4
Scenario, Forecast [Member] | December 2013 Program
Restructuring Cost and Reserve [Line Items]
Payments for restructuring								$ 1.4

[1] (a) Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

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PREPAID EXPENSES AND OTHER (Notes)

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER

PREPAID EXPENSES AND OTHER

	December 31,
	2014		2013
Prepaid expenses	$	17.3	$	22.5
Other	27.3		38.9
	$	44.6	$	61.4

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PROPERTY, PLANT AND EQUIPMENT (Notes)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

	December 31,
	2014			2013
Land and improvements	$	11.7		$	12.9
Building and improvements	83.9			86.6
Machinery, equipment and capital leases	198.7			193.5
Office furniture, fixtures and capitalized software	104.2			107.0
Leasehold improvements	28.1			16.5
Construction-in-progress	35.9			22.5
Property, plant and equipment, gross	462.5			439.0
Accumulated depreciation	(250.5		)	(243.1		)
Property, plant and equipment, net	$	212.0		$	195.9

Depreciation expense for 2014, 2013 and 2012 was $36.9 million, $25.2 million and $22.7 million, respectively.

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ACCRUED EXPENSES AND OTHER

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER

ACCRUED EXPENSES AND OTHER

	December 31,
	2014		2013
Sales returns and allowances	$	70.6	$	91.5
Compensation and related benefits	66.8		74.5
Advertising and promotional costs	44.9		42.9
Taxes	23.3		28.4
Interest	11.0		13.8
Restructuring reserve	13.7		13.7
Other	43.0		48.8
	$	273.3	$	313.6

XML

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 462.5	$ 439.0
Accumulated depreciation	(250.5)	(243.1)
Property, plant and equipment, net	212.0	195.9	[1]
Depreciation	36.9	25.2		22.7
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	11.7	12.9
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	83.9	86.6
Machinery, equipment and capital leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	198.7	193.5
Office furniture, fixtures and capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	104.2	107.0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28.1	16.5
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 35.9	$ 22.5

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Weighted Average Risk Target Ranges Per Asset Class (Details) (Foreign Pension Plan [Member])	12 Months Ended
	Dec. 31, 2014
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Common And Collective Investment Trust Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	100.00%
Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Group Annuity Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Cash And Other Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%

XML

Goodwill and Intangible Assets, Net - Summary of Intangible Assets (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 20.9
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	127.8
Amortization of Intangible Assets	21.3	10.4		4.6
Gross Carrying Amount	265.8	269.4
Accumulated Amortization	(39.3)	(19.0)
Total	226.5	250.4
Indefinite-lived intangible assets:	101.3
Total intangible assets, gross	367.1	379.1
Intangible assets	327.8	360.1	[1]
Finite-Lived Intangible Assets, Amortization Expense, Year Two	20.7
Finite-Lived Intangible Assets, Amortization Expense, Year Three	20.6
Finite-Lived Intangible Assets, Amortization Expense, Year Four	19.6
Finite-Lived Intangible Assets, Amortization Expense, Year Five	16.9
Trademarks and Licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	140.5	142.1
Accumulated Amortization	(23.5)	(11.0)
Total	117.0	131.1
Weighted Average Useful Life (in years)	14 years	14 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	109.1	111.5	[2]
Accumulated Amortization	(13.4)	(6.7)	[2]
Total	95.7	104.8	[2]
Weighted Average Useful Life (in years)	17 years	16 years
Patents and Internally-Developed IP
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16.2	15.8
Accumulated Amortization	(2.4)	(1.3)
Total	13.8	14.5
Weighted Average Useful Life (in years)	10 years	10 years
Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	$ 101.3	$ 109.7

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

[2] (a) During the first quarter of 2014, the Company recorded Measurement Period Adjustments to customer relationships acquired in the Colomer Acquisition on October 9, 2013. Accordingly, 2013 has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loss Contingencies [Line Items]
Insurance Recoveries	$ 18.1	$ 8.3
Operating Leases, Rent Expense			$ 26.6	$ 19.8	$ 16.2

XML

PREPAID EXPENSES AND OTHER (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 17.3	$ 22.5
Other	27.3	38.9
Prepaid expenses and other	$ 44.6	$ 61.4	[1]

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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INCOME TAXES Income Taxes - Income before income taxes (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 146.9	$ 36.0	$ 108.4
Income (Loss) from Continuing Operations before Income Taxes, Foreign	(19.7)	44.6	17.7
Federal Income Tax Expense (Benefit), Continuing Operations	58.2	27.4	43.1
State and Local Income Tax Expense (Benefit), Continuing Operations	17.9	13.8	(9.8)
Foreign Income Tax Expense (Benefit), Continuing Operations	5.1	7.4	11.5
Current Federal Tax Expense (Benefit)	2.6	3.2	2.3
Current State and Local Tax Expense (Benefit)	3.5	0.7	2.2
Income from continuing operations before income taxes	127.2	80.6	126.1
Current Foreign Tax Expense (Benefit)	7.2	11.3	10.7
Deferred Federal Income Tax Expense (Benefit)	55.6	24.2	40.8
Deferred State and Local Income Tax Expense (Benefit)	14.4	13.1	(12.0)
Income Tax Expense (Benefit)	81.2	48.6	44.8
Deferred Foreign Income Tax Expense (Benefit)	(2.1)	(3.9)	0.8
Current Income Tax Expense (Benefit)	13.3	15.2	15.2
Deferred Income Tax Expense (Benefit)	$ 67.9	$ 33.4	$ 29.6

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DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The results of the China discontinued operations are included within income (loss) from discontinued operations, net of taxes, and relate to the Consumer segment. The summary comparative financial results of discontinued operations are as follows:

	Year Ended December 31,
	2014		2013			2012
Net sales (a)	$	2.6	$	13.8		$	29.7
Income (loss) from discontinued operations, before taxes (b)	1.5		(30.8		)	(10.5		)
Benefit for income taxes	0.2		(0.4		)	(0.4		)
Income (loss) from discontinued operations, net of taxes	1.3		(30.4		)	(10.1		)

^(a) Net sales during 2014 include favorable adjustments to sales returns related to the Company's exit of its China operations.

^(b) Included in loss from discontinued operations, before taxes for 2013 is $20.0 million of restructuring and related charges related to the Company's exit of its business operations in China as part of the December 2013 Program. Refer to Note 3, "Restructuring Charges - December 2013 Program," for related disclosures.

Assets and liabilities of the China discontinued operations included in the Consolidated Balance Sheets consist of the following:

	December 31,
	2014		2013
Cash and cash equivalents	$	2.4	$	0.9
Trade receivables, net	0.2		1.9
Total current assets	2.6		2.8
Total assets	$	2.6	$	2.8
Accounts payable	$	0.2	$	4.7
Accrued expenses and other	3.9		27.6
Total current liabilities	4.1		32.3
Other long-term liabilities	—		2.8
Total liabilities	$	4.1	$	35.1

XML

GUARANTOR FINANCIAL INFORMATION Condensed Cash Flow Statement (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Cash Flow Statement [Table Text Block]

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	77.3		$	78.0		$	18.7		$	—	$	174.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40.3		)	(2.4		)	(12.8		)	—		(55.5		)
Proceeds from the sale of certain assets	—			—			3.4			—		3.4
Net cash used in investing activities	(40.3		)	(2.4		)	(9.4		)	—		(52.1		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(4.2		)	(1.9		)	1.4			—		(4.7		)
Repayment of Non-Contributed Loan	(58.4		)	—			—			—		(58.4		)
Repayments under the Acquisition Term Loan	(7.0		)	—			—			—		(7.0		)
Payment of financing costs	(1.8		)	—			—			—		(1.8		)
Other financing activities	(2.7		)	—			(0.5		)	—		(3.2		)
Net cash (used in) provided by financing activities	(74.1		)	(1.9		)	0.9			—		(75.1		)
Effect of exchange rate changes on cash and cash equivalents	—			(0.1		)	(15.5		)	—		(15.6		)
Net (decrease) increase in cash and cash equivalents	(37.1		)	73.6			(5.3		)	—		31.2
Cash and cash equivalents at beginning of period (a)	141.3			14.5			88.3			—		244.1
Cash and cash equivalents at end of period	$	104.2		$	88.1		$	83.0		$	—	$	275.3

^(a) In January 2014, Colomer's U.S. subsidiaries became additional guarantors under Products Corporation's Amended Credit Agreements and 5¾% Senior Notes. Accordingly, for cash flow presentation purposes, the cash and cash equivalents at the beginning of the period associated with Colomer's U.S. subsidiaries have been reported under Guarantor Subsidiaries.

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2013
	Products Corporation			Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	76.9		$	4.6			$	41.8			$	—		$	123.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(21.1		)	(0.6		)	—	(6.9		)		—			(28.6		)
Business acquisition, net of cash and cash equivalents acquired	(627.6		)	—				—				—			(627.6		)
Insurance proceeds for property, plant and equipment	—			—				13.1				—			13.1
Proceeds from the sale of certain assets	0.3			—				3.4				—			3.7
Net cash (used in) provided by investing activities	(648.4		)	(0.6		)		9.6				—			(639.4		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(2.0		)	(3.2		)		(1.1		)		—			(6.3		)
Borrowings under the Acquisition Term Loan	698.3			—				—				—			698.3
Proceeds from the issuance of the 5¾% Senior Notes	500.0			—				—				—			500.0
Repayment of the 9¾% Senior Secured Notes	(330.0		)	—				—				—			(330.0		)
Repayment under the 2011 Term Loan Facility	(113.0		)	—				—				—			(113.0		)
Repayment of the Contributed Loan	(48.6		)	—				—				—			(48.6		)
Payment of financing costs	(48.8		)	—				—				—			(48.8		)
Other financing activities	(2.2		)	—				(0.4		)		—			(2.6		)
Net cash provided by (used in) financing activities	653.7			(3.2		)	—	(1.5		)	—	—		—	649.0
Effect of exchange rate changes on cash and cash equivalents	—			—				(5.1		)		—			(5.1		)
Net increase (decrease) in cash and cash equivalents	82.2			0.8			—	44.8			—	—		—	127.8
Cash and cash equivalents at beginning of period	59.1			—				57.2				—			116.3
Cash and cash equivalents at end of period	$	141.3		$	0.8		—	$	102.0		—	$	—	—	$	244.1

Condensed Consolidating Statements of Cash Flows
Twelve Months Ended December 31, 2012
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	21.3		$	64.9		$	17.9		$	—	$	104.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(18.1		)	(0.4		)	(2.4		)	—		(20.9		)
Business acquisition, net of cash and cash equivalents acquired	—			(66.2		)	—			—		(66.2		)
Proceeds from the sale of certain assets	0.1			0.4			0.3			—		0.8
Net cash used in investing activities	(18.0		)	(66.2		)	(2.1		)	—		(86.3		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in short-term borrowings and overdraft	7.4			1.2			(2.3		)	—		6.3
Repayments under the 2011 Term Loan Facility	(8.0		)	—			—			—		(8.0		)
Payments of financing costs	(0.4		)	—			—			—		(0.4		)
Other financing activities	(0.9		)	—			(0.4		)	—		(1.3		)
Net cash (used in) provided by financing activities	(1.9		)	1.2			(2.7		)	—		(3.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.2			—		0.2
Net increase (decrease) in cash and cash equivalents	1.4			(0.1		)	13.3			—		14.6
Cash and cash equivalents at beginning of period	57.7			0.1			43.9			—		101.7
Cash and cash equivalents at end of period	$	59.1		$	—		$	57.2		$	—	$	116.3

XML

PENSION AND POST-RETIREMENT BENEFITS

12 Months Ended

Dec. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

PENSION AND POST-RETIREMENT BENEFITS

SAVINGS PLAN, PENSION AND POST-RETIREMENT BENEFITS

Savings Plan:

The Company offers a qualified defined contribution plan for its U.S.-based employees, the Revlon Employees' Savings, Investment and Profit Sharing Plan (as amended, the "Savings Plan"), which allows eligible participants to contribute up to 25%, and highly compensated participants to contribute up to 6%, of eligible compensation through payroll deductions, subject to certain annual dollar limitations imposed by the Internal Revenue Service (the "IRS"). The Company matches employee contributions at fifty cents for each dollar contributed up to the first 6% of eligible compensation (for a total match of 3% of employee contributions). The Company made cash matching contributions of $2.4 million to the Savings Plan during each of 2014, 2013 and 2012, respectively. The Company also offers a non-qualified defined contribution plan (the “Excess Savings Plan”) providing benefits for certain U.S. employees who are in excess of IRS limitations. These non-qualified defined contribution benefits are funded from the general assets of the Company.

The Company’s qualified and non-qualified defined contribution savings plans for its U.S.-based employees contain a discretionary profit sharing component that enables the Company, should it elect to do so, to make discretionary profit sharing contributions. For 2014, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $4.0 million (of which $3.1 million was paid in 2014 and $0.9 million was paid in January 2015), or 3% of eligible compensation, which was credited on a quarterly basis. For 2013, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $4.1 million (of which $3.2 million was paid in 2013 and $0.9 million was paid in January 2014), or 3% of eligible compensation, which was credited on a quarterly basis. For 2012, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $3.9 million (of which $3.0 million was paid in 2012 and $0.9 million was paid in January 2013), or 3% of eligible compensation, which was credited on a quarterly basis.

Pension Benefits:

In 2009, Products Corporation’s U.S. qualified defined benefit pension plan (the Revlon Employees’ Retirement Plan, which covered a substantial portion of the Company's employees in the U.S.) and its non-qualified pension plan (the Revlon Pension Equalization Plan) were amended to cease future benefit accruals under such plan after December 31, 2009. No additional benefits have accrued since December 31, 2009, other than interest credits on participant account balances under the cash balance program of the Company’s U.S. pension plans. Also, service credits for vesting and early retirement eligibility will continue to accrue in accordance with the terms of the respective plans. In 2010, the Company amended its Canadian defined benefit pension plan (the Affiliated Revlon Companies Employment Plan) to reduce future benefit accruals under such plan after December 31, 2010. Additionally, while the Company closed its U.K. defined pension plan to new entrants in 2002, then-existing participants continue to accrue pension benefits.

Effective December 31, 2012, Products Corporation merged two of its qualified defined benefit pension plans; therefore, as of December 31, 2012, Products Corporation sponsors two qualified defined benefit pension plans. The Company also has non-qualified pension plans which provide benefits for certain U.S. and non-U.S. employees, and for U.S. employees in excess of IRS limitations in the U.S. and in certain limited cases contractual benefits for certain former officers of the Company. These non-qualified plans are funded from the general assets of the Company.

Also, during 2012, the Company announced plans to exit its owned manufacturing facility in France and rightsize its organization in France as part of the September 2012 Program (as defined in Note 3, “Restructuring Charges”). As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.2 million of prior service costs and accumulated actuarial losses previously reported within accumulated other comprehensive loss, for a net gain of $1.5 million, which was recorded within restructuring charges and other, net for 2012.

Other Post-retirement Benefits:

The Company previously sponsored an unfunded retiree benefit plan, which provides death benefits payable to beneficiaries of a very limited number of former employees. Participation in this plan was limited to participants enrolled as of December 31, 1993. The Company also administers an unfunded medical insurance plan on behalf of Revlon Holdings, certain costs of which have been apportioned to Revlon Holdings under the transfer agreements among Revlon, Inc., Products Corporation and MacAndrews & Forbes. (See Note 20, “Related Party Transactions - Transfer Agreements”).

The following table provides an aggregate reconciliation of the projected benefit obligations, plan assets, funded status and amounts recognized in the Company’s Consolidated Financial Statements related to the Company's significant pension and other post-retirement benefit plans.

	Pension Plans						Other Post-Retirement Benefit Plans
	December 31,
	2014			2013			2014			2013
Change in Benefit Obligation:
Benefit obligation - beginning of year	$	(668.2	)	$	(744.6	)	$	(14.4	)	$	(16.5	)
Service cost	(0.8		)	(0.9		)	—			—
Interest cost	(30.1		)	(27.6		)	(0.5		)	(0.6		)
Actuarial gain (loss)	(108.0		)	65.5			(0.2		)	1.6
Benefits paid	41.0			39.1			0.7			0.8
Currency translation adjustments	4.4			(0.1		)	—			0.3
Other	—			0.4			1.5			—
Benefit obligation - end of year	$	(761.7	)	$	(668.2	)	$	(12.9	)	$	(14.4	)
Change in Plan Assets:
Fair value of plan assets - beginning of year	$	557.6		$	520.2		$	—		$	—
Actual return on plan assets	37.6			58.1			—			—
Employer contributions	18.2			17.7			0.7			0.8
Benefits paid	(41.0		)	(39.1		)	(0.7		)	(0.8		)
Currency translation adjustments	(4.7		)	0.7			—			—
Fair value of plan assets - end of year	$	567.7		$	557.6		$	—		$	—
Unfunded status of plans at December 31,	$	(194.0	)	$	(110.6	)	$	(12.9	)	$	(14.4	)

In respect of the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 consist of the following:

	Pension Plans						Other Post-Retirement Benefit Plans
	December 31,
	2014			2013			2014			2013
Other long-term assets	$	0.8		$	—		$	—		$	—
Accrued expenses and other	$	(6.1	)	$	(5.9	)	$	(0.7	)	$	(0.8	)
Pension and other post-retirement benefit liabilities	(188.7		)	(104.7		)	(12.2		)	(13.6		)
Total liability	(194.0		)	(110.6		)	(12.9		)	(14.4		)
Accumulated other comprehensive loss, gross	277.6			170.1			2.5			2.8
Income tax (benefit) expense	(43.7		)	(1.8		)	0.1			0.1
Portion allocated to Revlon Holdings	(1.0		)	(0.7		)	(0.2		)	—
Accumulated other comprehensive loss, net	$	232.9		$	167.6		$	2.4		$	2.9

With respect to the above accrued expenses and other, the Company has recorded receivables from affiliates of $3.1 million and $2.6 million at December 31, 2014 and 2013, respectively, relating to pension plan liabilities retained by such affiliates.

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the Company's pension plans are as follows:

	December 31,
	2014		2013
Projected benefit obligation	$	761.7	$	668.2
Accumulated benefit obligation	761.0		667.3
Fair value of plan assets	567.7		557.6

Net Periodic Benefit Cost:

The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans are as follows:

	Pension Plans									Other Post-Retirement Benefit Plans
	Year Ended December 31,
	2014			2013			2012			2014		2013			2012
Net periodic benefit (income) costs:
Service cost	$	0.8		$	0.9		$	1.6		$	—	$	—		$	—
Interest cost	30.1			27.6			30.0			0.5		0.6			0.7
Expected return on plan assets	(41.3		)	(38.3		)	(35.2		)	—		—			—
Amortization of actuarial loss	4.5			8.6			8.1			0.1		0.4			0.3
Curtailment gain	—			—			(1.5		)	—		—			—
	(5.9		)	(1.2		)	3.0			0.6		1.0			1.0
Portion allocated to Revlon Holdings	(0.1		)	(0.1		)	(0.1		)	—		(0.1		)	—
	$	(6.0	)	$	(1.3	)	$	2.9		$	0.6	$	0.9		$	1.0

For 2014, the Company recognized net periodic benefit income of $(5.4) million, as compared to $(0.4) million in 2013, primarily due to an increase in the fair value of pension plan assets at December 31, 2014, as well as lower amortization of actuarial losses.

During 2013, the Company recognized net period benefit income of $(0.4) million, compared to net period benefit costs of $3.9 million in 2012, driven primarily by the increase in the fair value of pension plan assets and a decrease in the interest cost at December 31, 2013, which was driven by an increase in the discount rate from 2012.

Net periodic benefit (income) costs are reflected in the Company's Consolidated Financial Statements as follows:

	Year Ended December 31,
	2014			2013
Net periodic benefit (income) costs:
Cost of sales	$	(4.2	)	$	(2.3	)
Selling, general and administrative expense	(0.7		)	2.4
Inventories	(0.5		)	(0.5		)
	$	(5.4	)	$	(0.4	)

Amounts recognized in accumulated other comprehensive loss at December 31, 2014 in respect of the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, are as follows:

	Pension Benefits			Post-Retirement Benefits			Total
Net actuarial loss	$	277.6		$	2.5		$	280.1
Prior service cost	—			—			—
Accumulated Other Comprehensive Loss, Gross	277.6			2.5			280.1
Income tax (benefit) expense	(43.7		)	0.1			(43.6		)
Portion allocated to Revlon Holdings	(1.0		)	(0.2		)	(1.2		)
Accumulated Other Comprehensive Loss, Net	$	232.9		$	2.4		$	235.3

The total actuarial losses and prior service costs in respect of the Company’s pension plans and other post-retirement plans included in accumulated other comprehensive loss at December 31, 2014 and expected to be recognized in net periodic benefit cost during the fiscal year ended December 31, 2015, is $8.2 million and $0.1 million, respectively.

Pension Plan Assumptions:

The following weighted-average assumptions were used to determine the Company’s projected benefit obligation of the Company’s U.S. and International pension plans at the end of the respective years:

	U.S. Plans				International Plans
	2014		2013		2014		2013
Discount rate	3.89	%	4.68	%	3.74	%	4.48	%
Rate of future compensation increases	3.00	%	3.00	%	2.33	%	3.40	%

The following weighted-average assumptions were used to determine the Company’s net periodic benefit (income) cost of the Company’s U.S. and International pension plans during the respective years:

	U.S. Plans						International Plans
	2014		2013		2012		2014		2013		2012
Discount rate	4.68	%	3.78	%	4.38	%	4.48	%	4.33	%	4.77	%
Expected long-term return on plan assets	7.75	%	7.75	%	7.75	%	6.00	%	6.00	%	6.22	%
Rate of future compensation increases	3.00	%	3.00	%	3.50	%	3.40	%	2.97	%	3.05	%

The 3.89% weighted-average discount rate used to determine the Company’s projected benefit obligation of the Company’s U.S. plans at the end of 2014 was derived by reference to appropriate benchmark yields on high quality corporate bonds, with terms which approximate the duration of the benefit payments and the relevant benchmark bond indices considering the individual plan’s characteristics. The rate selected approximates the rate at which the Company believes the U.S. pension benefits could have been effectively settled. The discount rates used to determine the Company’s projected benefit obligation of the Company’s primary international plans at the end of 2014 were derived from similar local studies, in conjunction with local actuarial consultants and asset managers.

In selecting its expected long-term rate of return on its plan assets, the Company considers a number of factors, including, without limitation, recent and historical performance of plan assets, the plan portfolios' asset allocations over a variety of time periods compared with third-party studies, the performance of the capital markets in recent years and other factors, as well as advice from various third parties, such as the plans' advisors, investment managers and actuaries. While the Company considered both the recent performance and the historical performance of plan assets, the Company’s assumptions are based primarily on its estimates of long-term, prospective rates of return. Using the aforementioned methodologies, the Company selected a 7.75% and 6.00% weighted-average long-term rate of return on plan assets assumption during 2014 for the U.S and International pension plans, respectively. Differences between actual and expected asset returns are recognized in the net periodic benefit cost over the remaining service period of the active participating employees.

The rate of future compensation increases is an assumption used by the actuarial consultants for pension accounting and is determined based on the Company’s current expectation for such increases.

Investment Policy:

The Investment Committee for the Company's U.S. pension plans (the “Investment Committee”) has adopted (and revises from time to time) an investment policy for the U.S. pension plans with the objective of meeting or exceeding, over time, the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. In connection with this objective, the Investment Committee retains a professional investment advisor who recommends investment managers that invest plan assets in the following asset classes: common and preferred stock, mutual funds, fixed income securities, common and collective funds, hedge funds, group annuity contracts and cash and other investments. The Company’s international plans follow a similar methodology in conjunction with local actuarial consultants and asset managers.

The investment policy adopted by the Investment Committee provides for investments in a broad range of publicly-traded securities, among other things.  The investments are in domestic and international stocks, ranging from small to large capitalization stocks, debt securities ranging from domestic and international treasury issues, corporate debt securities, mortgages and asset-backed issues. Other investments may include cash and cash equivalents and hedge funds.  The investment policy also allows for private equity, not covered in investments described above, provided that such investments are approved by the Investment Committee prior to their selection. Also, global balanced strategies are utilized to provide for investments in a broad range of publicly-traded stocks and bonds in both domestic and international markets as described above. In addition, the global balanced strategies can include commodities, provided that such investments are approved by the Investment Committee prior to their selection.

The Investment Committee’s investment policy does not allow the use of derivatives for speculative purposes, but such policy does allow its investment managers to use derivatives for the purpose of reducing risk exposures or to replicate exposures of a particular asset class.

The Company’s U.S. and international pension plans have target ranges which are intended to be flexible guidelines for allocating the plans’ assets among various classes of assets. These target ranges are reviewed periodically and considered for readjustment when an asset class weighting is outside of its target range (recognizing that these are flexible target ranges that may vary from time to time) with the objective of achieving the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. The target ranges per asset class are as follows:

	Target Ranges
	U.S. Plans	International Plans
Asset Class:
Common and preferred stock	0% - 10%	—
Mutual funds	20% - 30%	—
Fixed income securities	10% - 30%	—
Common and collective funds	25% - 55%	100%
Hedge funds	0% - 15%	—
Group annuity contract	0% - 5%	—
Cash and other investments	0% - 10%	—

Fair Value of Pension Plan Assets:

The following table presents information on the fair value of the U.S. and international pension plan assets at December 31, 2014 and 2013:

	U.S. Plans				International Plans
	2014		2013		2014		2013
Fair value of plan assets	$	496.1	$	492.5	$	71.6	$	65.1

The Company determines the fair values of the Company’s U.S. and international pension plan assets as follows:

• Common and preferred stock: The fair values of the investments included in the common and preferred stock asset class generally reflect the closing price reported on the major market where the individual securities are traded. The Company classifies common and preferred stock investments within Level 1 of the fair value hierarchy.

• Mutual funds: The fair values of the investments included in the mutual funds asset class are determined using net asset value (“NAV”) provided by the administrator of the funds. The NAV is based on the closing price reported on the major market where the individual securities within the mutual fund are traded. The Company classifies mutual fund investments within Level 1 of the fair value hierarchy.

• Fixed income securities: The fair values of the investments included in the fixed income securities asset class are based on a compilation of primarily observable market information and/or broker quotes. The Company classifies fixed income securities investments primarily within Level 2 of the fair value hierarchy.

• Common and collective funds: The fair values of the investments included in the common and collective funds asset class are determined using NAV provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the common and collective fund, minus its liabilities, and then divided by the number of shares outstanding. The Company classifies common and collective fund investments within Level 2 of the fair value hierarchy.

• Hedge funds: The hedge fund asset class includes hedge funds that primarily invest in a grouping of equities, fixed income instruments, currencies, derivatives and/or commodities. The fair values of investments included in the hedge funds class are determined using NAV provided by the administrator of the funds. The NAV is based on securities listed or quoted on a national securities exchange or market, or traded in the over-the-counter market, and is valued at the closing quotation posted by that exchange or trading system. Securities not listed or quoted on a national securities exchange or market are valued primarily through observable market information or broker quotes. The hedge fund investments generally can be sold on a quarterly or monthly basis and may employ leverage. The Company classifies hedge fund investments within Level 2 of the fair value hierarchy.

• Group annuity contract: The group annuity contract asset class primarily invests in equities, corporate bonds and government bonds. The fair values of securities listed or quoted on a national securities exchange or market, or traded in the over-the-counter market, are valued at the closing quotation posted by that exchange or trading system. Securities not listed or quoted on a national securities exchange or market are valued primarily through observable market information or broker quotes. The Company classifies group annuity contract investments within Level 2 of the fair value hierarchy.

• Cash and cash equivalents: Cash and cash equivalents are measured at cost, which approximates fair value. The Company classifies cash and cash equivalents within Level 1 of the fair value hierarchy.

The fair values of the U.S. and International pension plan assets at December 31, 2014, by asset categories were as follows:

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Input (Level 2)			Significant Unobservable Inputs (Level 3)
Common and Preferred Stock:
U.S. small/mid cap equity	$	20.5		$	20.5	$	—		$	—
Mutual Funds(a):
Corporate bonds	17.5			17.5		—			—
Government bonds	13.6			13.6		—			—
U.S. large cap equity	68.5			68.5		—			—
International equities	7.3			7.3		—			—
Emerging markets international equity	6.1			6.1		—			—
Other	3.1			3.1		—			—
Fixed Income Securities:
Corporate bonds	55.0			0.1		54.9			—
Government bonds	10.9			—		10.9			—
Common and Collective Funds(a):
Corporate bonds	75.4			—		75.4			—
Government bonds	60.0			—		60.0			—
U.S. large cap equity	24.3			—		24.3			—
U.S. small/mid cap equity	21.0			—		21.0			—
International equities	89.9			—		89.9			—
Emerging markets international equity	17.6			—		17.6			—
Cash and cash equivalents	3.7			—		3.7			—
Other	3.1			—		3.1			—
Hedge Funds(a):
Corporate bonds	6.8			—		6.8			—
Government bonds	(8.8		)	—		(8.8		)	—
U.S. large cap equity	9.1			—		9.1			—
International equities	15.9			—		15.9			—
Emerging markets international equity	4.1			—		4.1			—
Cash and cash equivalents	26.8			—		26.8			—
Other	4.2			—		4.2			—
Group Annuity Contract	2.8			—		2.8			—
Cash and cash equivalents	9.3			9.3		—			—
Fair value of plan assets at December 31, 2014	$	567.7		$	146.0	$	421.7		$	—

^(a)  The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

The fair values of the U.S. and International pension plan assets at December 31, 2013, by asset categories were as follows:

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Input (Level 2)		Significant Unobservable Inputs (Level 3)
Common and Preferred Stock:
U.S. small/mid cap equity	$	23.1	$	23.1	$	—	$	—
Mutual Funds(a):
Corporate bonds	24.4		24.4		—		—
Government bonds	15.1		15.1		—		—
U.S. large cap equity	68.7		68.7		—		—
International equities	4.3		4.3		—		—
Emerging markets international equity	4.2		4.2		—		—
Other	0.9		0.9		—		—
Fixed Income Securities:
Corporate bonds	46.1		—		45.8		0.3
Government bonds	9.6		—		8.0		1.6
Common and Collective Funds(a):
Corporate bonds	53.7		—		53.7		—
Government bonds	69.8		—		69.8		—
U.S. large cap equity	33.8		—		33.8		—
U.S. small/mid cap equity	23.0		—		23.0		—
International equities	92.1		—		92.1		—
Emerging markets international equity	17.3		—		17.3		—
Cash and cash equivalents	2.0		—		2.0		—
Other	2.9		—		2.9		—
Hedge Funds(a):
Corporate bonds	11.8		—		11.8		—
Government bonds	24.5		—		24.5		—
U.S. large cap equity	4.3		—		4.3		—
International equities	6.1		—		6.1		—
Cash and cash equivalents	5.7		—		5.7		—
Other	4.1		—		4.1		—
Group Annuity Contract	2.6		—		2.6		—
Cash and cash equivalents	7.5		7.5		—		—
Fair value of plan assets at December 31, 2013	$	557.6	$	148.2	$	407.5	$	1.9

^(a)  The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

The following table sets forth a summary of changes in the fair values of the U.S. and International pension plans’ Level 3 assets for each of 2014 and 2013:

	Total			Fixed Income Securities			Hedge Funds
Balance, December 31, 2012	$	0.6		$	0.6		$	—
Purchases, sales, and settlements, net	0.6			0.6			—
Loss on assets held during the period	(0.2		)	(0.2		)	—
Transfers into Level 3	0.9			0.9			—
Balance, December 31, 2013	1.9			1.9			—
Purchases, sales and settlements, net	(0.5		)	(0.5		)	—
Loss on assets held during the period	—			—			—
Transfers out of Level 3	(1.4		)	(1.4		)	—
Balance, December 31, 2014	$	—		$	—		$	—

The amount transferred out of Level 3 in the fair value hierarchy during 2014 relates to certain U.S. pension plan investments in South American government bonds. During 2014, observable market information became available for these plan assets and as a result, the assets have been categorized as Level 2 within the hierarchy. The U.S. pension plan did not realize any material gains or losses related to these investments during 2014 or 2013.

Contributions:

The Company’s intent is to fund at least the minimum contributions required to meet applicable federal employee benefit laws and local laws, or to directly pay benefit payments where appropriate. During 2014, the Company contributed $18.2 million to its pension plans and $0.7 million to its other post-retirement benefit plans. During 2015, the Company expects to contribute approximately $20 million to its pension and other post-retirement benefit plans.

Estimated Future Benefit Payments:

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the Company’s pension and other post-retirement benefit plans:

	Total Pension Benefits		Total Other Benefits
2015	$	41.3	$	0.8
2016	42.0		0.9
2017	42.9		0.9
2018	43.8		0.9
2019	44.4		0.9
Years 2020 to 2024	231.8		4.6

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CONTINGENCIES

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Products Corporation currently leases manufacturing, executive, research and development, and sales facilities and various types of equipment under operating and capital lease agreements. Rental expense was $26.6 million, $19.8 million and $16.2 million for 2014, 2013 and 2012, respectively. Minimum rental commitments under all noncancelable leases, including those pertaining to idled facilities, are presented below.

Minimum Rental Commitments	Total		2015		2016		2017		2018		2019		Thereafter
Capital leases	$	7.7	$	3.7	$	2.7	$	1.0	$	0.2	$	0.1	$	—
Operating leases	146.2		25.7		20.1		16.0		13.8		11.9		58.7

The Company is involved in various routine legal proceedings incidental to the ordinary course of its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is not reasonably likely to have a material adverse effect on the Company’s business, financial condition and/or its results of operations. However, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period.

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INCOME TAXES Income taxes - Unrecognized tax benefits (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 62.0	$ 74.5	$ 49.9
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	12.6	25.8
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	(22.8)	(1.6)
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	8.0	9.3
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	$ (10.3)	$ (8.9)

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GUARANTOR FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheets
As of December 31, 2014
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	104.2		$	88.1		$	83.0	$	—		$	275.3
Trade receivables, less allowances for doubtful accounts	87.8			39.7			111.4		—			238.9
Inventories	75.5			30.6			50.5		—			156.6
Deferred income taxes - current	46.2			—			12.2		—			58.4
Prepaid expenses and other	119.0			6.2			24.8		—			150.0
Intercompany receivables	992.5			630.0			129.6		(1,752.1		)	—
Investment in subsidiaries	562.8			(161.4		)	—		(401.4		)	—
Property, plant and equipment, net	112.4			28.0			71.6		—			212.0
Deferred income taxes - noncurrent	22.6			—			12.2		—			34.8
Goodwill	185.8			30.0			248.3		—			464.1
Intangible assets, net	53.2			164.6			110.0		—			327.8
Other assets	83.2			2.9			27.2		—			113.3
Total assets	$	2,445.2		$	858.7		$	880.8	$	(2,153.5	)	$	2,031.2
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	—		$	6.6	$	—		$	6.6
Current portion of long-term debt	31.5			—			—		—			31.5
Accounts payable	68.3			19.0			66.2		—			153.5
Accrued expenses and other	159.0			24.5			89.8		—			273.3
Intercompany payables	672.9			703.6			375.6		(1,752.1		)	—
Long-term debt	1,831.7			—			0.7		—			1,832.4
Other long-term liabilities	238.8			4.4			47.7		—			290.9
Total liabilities	3,002.2			751.5			586.6		(1,752.1		)	2,588.2
Stockholder’s deficiency	(557.0		)	107.2			294.2		(401.4		)	(557.0		)
Total liabilities and stockholder’s deficiency	$	2,445.2		$	858.7		$	880.8	$	(2,153.5	)	$	2,031.2

Condensed Consolidating Balance Sheets
As of December 31, 2013
	Products Corporation (b)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries (a) (b)		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	141.3		$	0.8		$	102.0	$	—		$	244.1
Trade receivables, less allowances for doubtful accounts	88.7			24.5			140.3		—			253.5
Inventories	78.0			9.5			87.5		—			175.0
Deferred income taxes - current	52.5			—			12.6		—			65.1
Prepaid expenses and other	111.6			4.7			39.8		—			156.1
Intercompany receivables	1,051.3			614.5			474.1		(2,139.9		)	—
Investment in subsidiaries	589.7			(60.2		)	—		(529.5		)	—
Property, plant and equipment, net	86.7			0.6			108.6		—			195.9
Deferred income taxes - noncurrent	38.0			—			12.9		—			50.9
Goodwill	185.8			30.0			256.5		—			472.3
Intangible assets, net	57.4			0.3			302.4		—			360.1
Other assets	90.9			1.6			31.3		—			123.8
Total assets	$	2,571.9		$	626.3		$	1,568.0	$	(2,669.4	)	$	2,096.8
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	1.8		$	6.1	$	—		$	7.9
Current portion of long-term debt	65.4			—			—		—			65.4
Accounts payable	72.2			6.2			87.3		—			165.7
Accrued expenses and other	161.8			13.4			138.4		—			313.6
Intercompany payables	790.0			675.9			674.0		(2,139.9		)	—
Long-term debt	1,861.4			—			0.9		—			1,862.3
Other long-term liabilities	137.6			2.9			57.9		—			198.4
Total liabilities	3,088.4			700.2			964.6		(2,139.9		)	2,613.3
Stockholder’s deficiency	(516.5		)	(73.9		)	603.4		(529.5		)	(516.5		)
Total liabilities and stockholder’s deficiency	$	2,571.9		$	626.3		$	1,568.0	$	(2,669.4	)	$	2,096.8

^(a)  During the three months ended March 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

^(b)  In the second quarter of 2014, the Company retrospectively adjusted deferred taxes for an immaterial correction, as discussed in Note 1, Description of Business and Basis of Presentation. For the Guarantor financials, the correction also included moving certain tax balances from the Non-Guarantor's to Products Corporation's Balance Sheet as of December 31, 2013.

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QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended																12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Quarterly Results Of Operations [Line Items]
Restructuring charges and other, net																	$ 21.3		$ 3.5	$ 20.5
Acquisition and integration costs																	6.4		25.4	0
Gains (Losses) on Extinguishment of Debt							(1.9)								(27.9)		(2.0)		(29.7)	0
Foreign Currency Transaction Loss, before Tax			9.3		7.2
Net sales	501.0		472.3		497.9		469.8		491.0		333.1		344.7		325.9		1,941.0		1,494.7	1,396.4
Gross Profit	328.0		307.7		330.7		306.3		304.0		212.0		222.1		211.5		1,272.7		949.6	902.6
Income (Loss) from Continuing Operations Attributable to Parent	4.1	[1],[2]	15.8	[1],[2]	15.9	[1],[2]	10.2	[1],[2]	(7.1)	[3],[4],[5]	11.5	[3],[4],[5]	29.5	[3],[4],[5]	(1.9)	[3],[4],[5]	46.0		32.0	81.3
Income (loss) from discontinued operations, net of taxes	0.4	[6]	0.4	[6]	3.7	[6]	(3.2)	[6]	(24.1)		(1.5)		(2.4)		(2.4)		1.3		(30.4)	(10.1)
Net income (loss)	4.5	[1],[2]	16.2	[1],[2]	19.6	[1],[2]	7.0	[1],[2]	(31.2)	[3],[4],[5]	10.0	[3],[4],[5]	27.1	[3],[4],[5]	(4.3)	[3],[4],[5]	47.3		1.6	71.2
Insurance Recoveries													18.1		8.3
December 2013 Program
Quarterly Results Of Operations [Line Items]
Restructuring charges and other, net							13.5		21.4								(2.5)	[7]	21.4
The Colomer Group Participations, S.L.
Quarterly Results Of Operations [Line Items]
Acquisition and integration costs							3.8		19.1								6.4		25.4
Operations in China
Quarterly Results Of Operations [Line Items]
Income (loss) from discontinued operations, net of taxes																	1.3		(30.4)	(10.1)
Operations in China | Discontinued Operations
Quarterly Results Of Operations [Line Items]
Restructuring charges and other, net																			20.0
Operations in China | Discontinued Operations | December 2013 Program
Quarterly Results Of Operations [Line Items]
Restructuring charges and other, net									$ 20.0								$ (2.3)

[1] for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation).

[2] Income from continuing operations and net income for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”).

[3] (Loss) income from continuing operations and net (loss) income for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility.

[4] (Loss) income from continuing operations and net loss for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”).

[5] (Loss) from continuing operations and net loss for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes.

[6] (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations").

[7] (a) Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Assets and Liabilities

As of December 31, 2014, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets:
Derivatives:
FX Contracts(a)	$	0.2	$	—	$	0.2	$	—
Total assets at fair value	$	0.2	$	—	$	0.2	$	—
Liabilities:
Derivatives:
FX Contracts(a)	$	—	$	—	$	—	$	—
2013 Interest Rate Swap(b)	3.5		—		3.5		—
Total liabilities at fair value	$	3.5	$	—	$	3.5	$	—

As of December 31, 2013, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets:
Derivatives:
FX Contracts(a)	$	1.0	$	—	$	1.0	$	—
2013 Interest Rate Swap(b)	2.5		—		2.5		—
Total assets at fair value	$	3.5	$	—	$	3.5	$	—
Liabilities:
Derivatives:
FX Contracts(a)	$	0.2	$	—	$	0.2	$	—
Total liabilities at fair value	$	0.2	$	—	$	0.2	$	—

^(a)  The fair value of the Company’s foreign currency forward exchange contracts ("FX Contracts") was measured based on observable market transactions of spot and forward rates on the respective dates. See Note 13, “Financial Instruments.”

^(b)  The fair value of the Company's 2013 Interest Rate Swap was measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve on the respective dates. See Note 13, “Financial Instruments.”

Financial Liabilities Not Measured At Fair Value But For Which Fair Value Disclosure Is Required

As of December 31, 2014, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:

	Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
Liabilities:
Long-term debt, including current portion	$	—	$	1,844.0	$	—	$	1,844.0	$	1,863.9

As of December 31, 2013, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:

	Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
Liabilities:
Long-term debt, including current portion	$	—	$	1,931.9	$	—	$	1,931.9	$	1,927.7

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GUARANTOR FINANCIAL INFORMATION Condensed Income Statement (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended																12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Condensed Income Statements, Captions [Line Items]
Net sales	$ 501.0		$ 472.3		$ 497.9		$ 469.8		$ 491.0		$ 333.1		$ 344.7		$ 325.9		$ 1,941.0		$ 1,494.7		$ 1,396.4
Cost of sales																	668.3		545.1		493.8
Gross Profit	328.0		307.7		330.7		306.3		304.0		212.0		222.1		211.5		1,272.7		949.6		902.6
Selling, general and administrative expenses																	999.7		723.6		663.3
Acquisition and integration costs																	6.4		25.4		0
Restructuring charges and other, net																	21.3		3.5		20.5
Operating Income (Loss)																	245.3		197.1		218.8
Interest expense																	84.4		78.6		85.3
Amortization of debt issuance costs																	5.5		3.5		3.4
Loss on early extinguishment of debt							1.9								27.9		2.0		29.7		0
Foreign currency losses (gains), net																	25.0		3.7		2.8
Miscellaneous, net																	1.2		1.0		1.2
Income (loss) from continuing operations before income taxes																	127.2		80.6		126.1
Provision for income taxes																	81.2		48.6		44.8
Income (Loss) from Continuing Operations Attributable to Parent	4.1	[1],[2]	15.8	[1],[2]	15.9	[1],[2]	10.2	[1],[2]	(7.1)	[3],[4],[5]	11.5	[3],[4],[5]	29.5	[3],[4],[5]	(1.9)	[3],[4],[5]	46.0		32.0		81.3
Income (loss) from discontinued operations, net of taxes	0.4	[6]	0.4	[6]	3.7	[6]	(3.2)	[6]	(24.1)		(1.5)		(2.4)		(2.4)		1.3		(30.4)		(10.1)
Net income	4.5	[1],[2]	16.2	[1],[2]	19.6	[1],[2]	7.0	[1],[2]	(31.2)	[3],[4],[5]	10.0	[3],[4],[5]	27.1	[3],[4],[5]	(4.3)	[3],[4],[5]	47.3		1.6		71.2
Other comprehensive (loss) income																	(93.4)	[7]	58.4	[7]	(7.3)	[7]
Comprehensive Income (Loss), Net of Tax, Attributable to Parent																	(46.1)		60.0		63.9
Other expenses, net																	118.1		116.5		92.7
Consolidated Entities [Member]
Condensed Income Statements, Captions [Line Items]
Net sales																	1,941.0		1,494.7		1,396.4
Cost of sales																	668.3		545.1		493.8
Gross Profit																	1,272.7		949.6		902.6
Selling, general and administrative expenses																	999.7		723.6		663.3
Acquisition and integration costs																	6.4		25.4
Restructuring charges and other, net																	21.3		3.5		20.5
Operating Income (Loss)																	245.3		197.1		218.8
Intercompany Interest, Net																	0		4.8		6.2
Interest expense																	84.4		73.8		79.1
Amortization of debt issuance costs																	5.5		3.5		3.4
Loss on early extinguishment of debt																	2.0		29.7
Foreign currency losses (gains), net																	25.0		3.7		2.8
Miscellaneous, net																	1.2		1.0		1.2
Income (loss) from continuing operations before income taxes																	127.2		80.6		126.1
Provision for income taxes																	81.2		48.6		44.8
Income (Loss) from Continuing Operations Attributable to Parent																	46.0		32.0		81.3
Income (loss) from discontinued operations, net of taxes																	1.3		(30.4)		(10.1)
Net Income (Loss) Attributable to Noncontrolling Interest																	0		0		0
Net income																	47.3		1.6		71.2
Other comprehensive (loss) income																	(93.4)		58.4		(7.3)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent																	(46.1)		60.0		63.9
Other expenses, net																	118.1		116.5		92.7
Consolidation, Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Net sales																	(188.4)		(195.2)		(193.5)
Cost of sales																	(188.4)		(195.2)		(193.5)
Gross Profit																	0		0		0
Selling, general and administrative expenses																	0		0		0
Acquisition and integration costs																	0		0
Restructuring charges and other, net																	0		0		0
Operating Income (Loss)																	0		0		0
Intercompany Interest, Net																	0		0		0
Interest expense																	0		0		0
Amortization of debt issuance costs																	0		0		0
Loss on early extinguishment of debt																	0		0
Foreign currency losses (gains), net																	0		0		0
Miscellaneous, net																	0		0		0
Income (loss) from continuing operations before income taxes																	0		0		0
Provision for income taxes																	0		0		0
Income (Loss) from Continuing Operations Attributable to Parent																	0		0		0
Income (loss) from discontinued operations, net of taxes																	0		0		0
Net Income (Loss) Attributable to Noncontrolling Interest																	(71.7)		(79.8)		16.9
Net income																	(71.7)		(79.8)		16.9
Other comprehensive (loss) income																	6.5		(26.9)		(23.4)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent																	(65.2)		(106.7)		(6.5)
Other expenses, net																	0		0		0
Non-Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net sales																	771.5		626.6		546.4
Cost of sales																	279.3		256.3		215.0
Gross Profit																	492.2		370.3		331.4
Selling, general and administrative expenses																	399.8		267.7		218.8
Acquisition and integration costs																	0		1.2
Restructuring charges and other, net																	15.1		3.1		18.6
Operating Income (Loss)																	77.3		98.3		94.0
Intercompany Interest, Net																	8.4		6.2		6.2
Interest expense																	0.7		0.6		0.4
Amortization of debt issuance costs																	0		0		0
Loss on early extinguishment of debt																	0		0
Foreign currency losses (gains), net																	28.2		(0.8)		2.7
Miscellaneous, net																	57.4		14.9		64.5
Income (loss) from continuing operations before income taxes																	(17.4)		77.4		20.2
Provision for income taxes																	3.8		8.4		10.9
Income (Loss) from Continuing Operations Attributable to Parent																	(21.2)		69.0		9.3
Income (loss) from discontinued operations, net of taxes																	1.1		(30.7)		(10.5)
Net Income (Loss) Attributable to Noncontrolling Interest																	0		0		0
Net income																	(20.1)		38.3		(1.2)
Other comprehensive (loss) income																	(15.8)		10.2		12.8
Comprehensive Income (Loss), Net of Tax, Attributable to Parent																	(35.9)		48.5		11.6
Other expenses, net																	94.7		20.9		73.8
Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net sales																	356.8		90.5		113.6
Cost of sales																	146.9		45.6		53.7
Gross Profit																	209.9		44.9		59.9
Selling, general and administrative expenses																	133.3		37.8		47.3
Acquisition and integration costs																	0		0
Restructuring charges and other, net																	3.3		0.4		0.7
Operating Income (Loss)																	73.3		6.7		11.9
Intercompany Interest, Net																	(0.4)		(0.6)		(0.8)
Interest expense																	0.1		0.3		0.3
Amortization of debt issuance costs																	0		0		0
Loss on early extinguishment of debt																	0		0
Foreign currency losses (gains), net																	(0.1)		1.3		0.5
Miscellaneous, net																	(8.2)		(11.5)		6.8
Income (loss) from continuing operations before income taxes																	81.9		17.2		5.1
Provision for income taxes																	(8.4)		0.3		8.9
Income (Loss) from Continuing Operations Attributable to Parent																	90.3		16.9		(3.8)
Income (loss) from discontinued operations, net of taxes																	0		0		0
Net Income (Loss) Attributable to Noncontrolling Interest																	1.5		24.6		(11.9)
Net income																	91.8		41.5		(15.7)
Other comprehensive (loss) income																	9.3		16.7		10.6
Comprehensive Income (Loss), Net of Tax, Attributable to Parent																	101.1		58.2		(5.1)
Other expenses, net																	(8.6)		(10.5)		6.8
Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net sales																	1,001.1		972.8		929.9
Cost of sales																	430.5		438.4		418.6
Gross Profit																	570.6		534.4		511.3
Selling, general and administrative expenses																	466.6		418.1		397.2
Acquisition and integration costs																	6.4		24.2
Restructuring charges and other, net																	2.9		0		1.2
Operating Income (Loss)																	94.7		92.1		112.9
Intercompany Interest, Net																	(8.0)		(0.8)		0.8
Interest expense																	83.6		72.9		78.4
Amortization of debt issuance costs																	5.5		3.5		3.4
Loss on early extinguishment of debt																	2.0		29.7
Foreign currency losses (gains), net																	(3.1)		3.2		(0.4)
Miscellaneous, net																	(48.0)		(2.4)		(70.1)
Income (loss) from continuing operations before income taxes																	62.7		(14.0)		100.8
Provision for income taxes																	85.8		39.9		25.0
Income (Loss) from Continuing Operations Attributable to Parent																	(23.1)		(53.9)		75.8
Income (loss) from discontinued operations, net of taxes																	0.2		0.3		0.4
Net Income (Loss) Attributable to Noncontrolling Interest																	70.2		55.2		(5.0)
Net income																	47.3		1.6		71.2
Other comprehensive (loss) income																	(93.4)		58.4		(7.3)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent																	(46.1)		60.0		63.9
Other expenses, net																	$ 32.0		$ 106.1		$ 12.1

[1] for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation).

[2] Income from continuing operations and net income for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”).

[3] (Loss) income from continuing operations and net (loss) income for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility.

[4] (Loss) income from continuing operations and net loss for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”).

[5] (Loss) from continuing operations and net loss for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes.

[6] (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations").

[7] See Note 17, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012.

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Parenthetical) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
Currency translation adjustment, tax	$ 2.1	$ 3.3	$ 1.0
Amortization of pension related costs, tax benefit	0.1	1.2	1.0
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax	42.0	(33.5)	7.2
Revaluation of derivative financial instruments, tax	$ 2.3	$ (1.0)	$ 0

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PENSION AND POST-RETIREMENT BENEFITS Saving Plans and Post Retirement Benefits - Summary of Changes in Fair Values of Pension Plans (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 567.7	$ 557.6
Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	1.9	0.6
Defined Benefit Plan, Purchases, Sales, and Settlements	(0.5)	0.6
Defined Benefit Plan, Actual Return on Plan Assets Still Held	0	(0.2)
Defined Benefit Plan, Transfers Between Measurement Levels	(1.4)	0.9
Hedge Funds [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	0
Defined Benefit Plan, Purchases, Sales, and Settlements	0	0
Defined Benefit Plan, Actual Return on Plan Assets Still Held	0	0
Defined Benefit Plan, Transfers Between Measurement Levels	0	0
Fixed Income Securities [Member] | Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	1.9	0.6
Defined Benefit Plan, Purchases, Sales, and Settlements	(0.5)	0.6
Defined Benefit Plan, Actual Return on Plan Assets Still Held	0	(0.2)
Defined Benefit Plan, Transfers Between Measurement Levels	$ (1.4)	$ 0.9

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RESTRUCTURING CHARGES

12 Months Ended

Dec. 31, 2014

Restructuring Charges [Abstract]

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

Integration Program

In January 2014, the Company announced that it was implementing actions to integrate Colomer’s operations into the Company’s business, as well as additional restructuring actions identified to reduce costs across the Company’s businesses (all such actions, together, the “Integration Program”).

The Company expects to recognize total restructuring charges, capital expenditures and related non-restructuring costs under the Integration Program of approximately $50 million in the aggregate over the periods described below.

The Integration Program is designed to deliver cost reductions throughout the combined organization by generating synergies and operating efficiencies within the Company’s global supply chain and consolidating offices and back office support, and other actions designed to reduce SG&A expenses. Certain actions that are part of the Integration Program are subject to consultations with employees, works councils or unions and governmental authorities. The Company expects to substantially complete the Integration Program by the end of 2015.

The approximately $50 million of total expected non-restructuring costs, capital expenditures and restructuring charges under the Integration Program referred to above consist of the following:

1. $5.9 million and $12.5 million and of non-restructuring integration costs recognized during 2014 and 2013, respectively. Such costs have been reflected within acquisition and integration costs in the Company's Consolidated Statements of Income and Comprehensive (Loss) Income and are related to combining Colomer’s operations into the Company’s business;

2. Expected integration-related capital expenditures of approximately $7 million, $4.4 million of which has been paid during 2014 with the remaining balance expected to be paid in 2015; and

3. Expected total restructuring and related charges of approximately $25 million, $20.1 million of which was recognized during 2014 with the remaining charges expected to be recognized in 2015. A summary of the restructuring and related charges for the Integration Program incurred through 2014 and those expected to be incurred in 2015, are as follows:

	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits		Other		Total Restructuring Charges		Inventory Write-offs and Other Manufacturing-Related Costs (a)		Other Charges (b)		Total Restructuring and Related Charges
Charges incurred through December 31, 2014	$	17.3	$	1.6	$	18.9	$	0.6	$	0.6	$	20.1
Total expected charges	$	18.0	$	3.0	$	21.0	$	2.0	$	2.0	$	25.0

^(a)  Inventory write-offs and other manufacturing-related costs are recorded within cost of sales within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

^(b)  Other charges are recorded within SG&A expenses within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

Of the $20.1 million of restructuring and related charges recognized in connection with the Integration Program in 2014, $10.2 million related to the Consumer segment and $9.9 million related to the Professional segment.

The Company expects that cash payments related to the restructuring and related charges in connection with the Integration Program will total approximately $24 million, of which $9.6 million was paid during 2014, and the majority of the remaining balance of $14.4 million is expected to be paid in 2015.

December 2013 Program

In December 2013, the Company announced restructuring actions that included exiting its business operations in China, as well as implementing other immaterial restructuring actions outside the U.S., which are expected to generate other operating efficiencies (the "December 2013 Program"). These restructuring actions resulted in the Company eliminating approximately 1,100 positions in 2014, primarily in China, which included eliminating in the first quarter of 2014 approximately 940 beauty advisors retained indirectly through a third-party agency. The charges incurred for the December 2013 Program relate entirely to the Consumer segment.

A summary of the restructuring and related charges incurred during 2014 in connection with the December 2013 Program are as follows:

	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits			Other			Total Restructuring Charges			Allowances and Returns			Inventory Write-offs			Other Charges		Total Restructuring and Related Charges
Charges incurred through December 31, 2013	$	9.1		$	0.5		$	9.6		$	7.4		$	4.0		$	0.4	$	21.4
Adjustments recorded for the year ended December 31, 2014 (a)	(0.5		)	(0.2		)	(0.7		)	(0.9		)	(0.9		)	—		(2.5		)
Cumulative charges incurred through December 31, 2014	$	8.6		$	0.3		$	8.9		$	6.5		$	3.1		$	0.4	$	18.9
Total expected charges	$	8.6		$	0.3		$	8.9		$	6.5		$	3.1		$	0.4	$	18.9

^(a)  Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

The Company expects net cash payments related to the December 2013 Program to total approximately $17 million, of which $15.5 million was paid during 2014, $0.1 million was paid in 2013, and the remaining balance of $1.4 million is expected to be paid in 2015.

September 2012 Program

In September 2012, the Company announced a restructuring (the “September 2012 Program”), which primarily involved the Company exiting its owned manufacturing facility in France and its leased manufacturing facility in Maryland; rightsizing its organizations in France and Italy; and realigning its operations in Latin America and Canada. The charges incurred related to the September 2012 Program relate entirely to the Consumer segment.

Cumulative charges of $27.2 million were recognized in connection with the September 2012 program, $24.1 million of which was recorded during 2012 and $3.1 million was recorded in 2013. Total net cash payments of $25.1 million were paid in connection with the September 2012 Program, $4.0 million of which was paid during 2014, $17.3 million was paid in 2013 and $3.8 million was paid in 2012.

Other Immaterial Actions

In 2014, the Company recorded net charges totaling $2.7 million of restructuring and related charges, for other immaterial restructuring actions within both the Consumer and Professional segments, due to $5.3 million of charges primarily related to employee-related costs, partially offset by a $2.6 million gain related to the sale of property, plant and equipment.

Restructuring Reserve

The related liability balance and activity for each of the Company's restructuring programs as summarized above is presented as follows:

									Utilized, Net
	Balance Beginning of Year		(Income) Expense, Net			Foreign Currency Translation			Cash			Non-cash			Balance End of Year
2014
Integration Program:
Employee severance and other personnel benefits	$	—	$	17.3		$	(0.1	)	$	(7.6	)	$	—		$	9.6
Other	—		1.6			—			(1.2		)	(0.3		)	0.1
December 2013 Program:
Employee severance and other personnel benefits	9.0		(0.5		)	(0.2		)	(7.3		)	0.2			1.2
Other	0.5		(0.2		)	—			(0.3		)	—			—
September 2012 Program:
Employee severance and other personnel benefits	2.7		—			(0.1		)	(2.5		)	0.1			0.2
Other	1.5		—			—			(1.5		)	—			—
2014 Other immaterial actions:
Employee severance and other personnel benefits	—		5.0			(0.1		)	(2.0		)	—			2.9
Other	—		0.2			—			(0.2		)	—			—
Total restructuring reserve	$	13.7	$	23.4		$	(0.5	)	$	(22.6	)	$	—		$	14.0
Gain on sale of property, plant and equipment for 2014 other immaterial actions			(2.6		)
Portion of restructuring benefits recorded within income (loss) from discontinued operations (a)			0.5
Total restructuring charges and other, net, from continuing operations			$	21.3
2013
December 2013 Program:
Employee severance and other personnel benefits	$	—	$	9.1		$	—		$	(0.1	)	$	—		$	9.0
Other	—		0.5			—			—			—			0.5
September 2012 Program:
Employee severance and other personnel benefits	18.0		2.9			(0.1		)	(18.1		)	—			2.7
Other	0.9		2.3			—			(1.7		)	—			1.5
Lease exit	0.3		—			—			(0.3		)	—			—
Total restructuring reserve	$	19.2	14.8			$	(0.1	)	$	(20.2	)	$	—		$	13.7
Gain on sale of France facility			(2.5		)
Portion of restructuring charges recorded within (loss) income from discontinued operations (a)			(8.8		)
Total restructuring charges and other, net from continuing operations			$	3.5

^(a) Refer to Note 4, "Discontinued Operations" for additional information regarding the Company's exit of its business operations in China.

As of December 31, 2014, $13.7 million of the restructuring reserve balance was included within accrued expenses and other and $0.3 million was included within other long-term liabilities in the Company's Consolidated Balance Sheet. As of December 31, 2013, the entire restructuring reserve balance was included within accrued expenses and other in the Company's Consolidated Balance Sheet.

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RESTRUCTURING CHARGES - Restructuring and Related Charges (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended				3 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	$ 21.3		$ 3.5	$ 20.5
Integration Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	20.1
Total expected charges	25.0
Integration Program | Total Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	18.9
Total expected charges	21.0
Integration Program | Inventory Write-offs and Other Manufacturing-Related Costs
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	0.6	[1]
Total expected charges	2.0	[1]
Integration Program | Other Charges
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	0.6	[2]
Total expected charges	2.0	[2]
December 2013 Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	(2.5)	[3]	21.4		13.5	21.4
Cumulative charges incurred through December 31, 2014	18.9
Total expected charges	18.9
December 2013 Program | Total Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	(0.7)	[3]	9.6
Cumulative charges incurred through December 31, 2014	8.9
Total expected charges	8.9
December 2013 Program | Allowances and Returns
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	(0.9)	[3]	7.4
Cumulative charges incurred through December 31, 2014	6.5
Total expected charges	6.5
December 2013 Program | Inventory Write-offs and Other Manufacturing-Related Costs
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	(0.9)	[3]	4.0
Cumulative charges incurred through December 31, 2014	3.1
Total expected charges	3.1
December 2013 Program | Other Charges
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	0	[3]	0.4
Cumulative charges incurred through December 31, 2014	0.4
Total expected charges	0.4
Employee Severance and Other Personnel Benefits | Integration Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	17.3
Total expected charges	18.0
Employee Severance and Other Personnel Benefits | December 2013 Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	(0.5)	[3]	9.1
Cumulative charges incurred through December 31, 2014	8.6
Total expected charges	8.6
Other | Integration Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	1.6
Total expected charges	3.0
Other | December 2013 Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	(0.2)	[3]	0.5
Cumulative charges incurred through December 31, 2014	0.3
Total expected charges	0.3
Discontinued Operations [Member] | Operations in China [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014			20.0
Discontinued Operations [Member] | Operations in China [Member] | December 2013 Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	(2.3)					20.0
Continuing Operations [Member] | December 2013 Program
Restructuring Cost and Reserve [Line Items]
Charges incurred through December 31, 2014	$ (0.2)

[1] Inventory write-offs and other manufacturing-related costs are recorded within cost of sales within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

[2] Other charges are recorded within SG&A expenses within the Company’s Consolidated Statements of Income and Comprehensive (Loss) Income.

[3] (a) Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes.

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PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Summary of Unrecognized Components of Net Periodic Benefit Cost (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax	$ 280.1
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax	0
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	280.1
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax	(43.6)
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party	(1.2)
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	235.3
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax	277.6
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax	0
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	277.6	170.1
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax	(43.7)	(1.8)
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party	(1.0)	(0.7)
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	232.9	167.6
Other Post-Retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax	2.5
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax	0
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	2.5	2.8
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax	0.1	0.1
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party	(0.2)	0
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	$ 2.4	$ 2.9

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GUARANTOR FINANCIAL INFORMATION Condensed Balance Sheet (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 275.3	$ 244.1	[1]	$ 116.3	$ 101.7
Trade receivables, less allowances for doubtful accounts	238.9	253.5	[1]
Inventories	156.6	175.0	[1]
Deferred income taxes – current	58.4	65.1	[1]
Prepaid expenses and other	44.6	61.4	[1]
Property, plant and equipment, net	212.0	195.9	[1]
Deferred income taxes – noncurrent	34.8	50.9	[1]
Goodwill	464.1	472.3	[1]	217.8
Intangible assets, net	327.8	360.1	[1]
Other assets	113.3	123.8	[1]
Total assets	2,031.2	2,096.8	[1]
Short-term borrowings	6.6	7.9	[1]
Current portion of long-term debt	31.5	65.4	[1]
Accounts payable	153.5	165.7	[1]
Accrued expenses and other	273.3	313.6	[1]
Long-term debt	1,832.4	1,862.3	[1]
Other long-term liabilities	90.0	80.1	[1]
Stockholder’s deficiency	(557.0)	(516.5)	[1]	(576.7)	(641.6)
Total liabilities and stockholder’s deficiency	2,031.2	2,096.8	[1]
Subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	104.2	141.3	[2]	59.1	57.7
Trade receivables, less allowances for doubtful accounts	87.8	88.7	[2]
Inventories	75.5	78.0	[2]
Deferred income taxes – current	46.2	52.5	[2]
Prepaid expenses and other	119.0	111.6	[2]
Intercompany receivables	992.5	1,051.3	[2]
Investment in subsidiaries	562.8	589.7	[2]
Property, plant and equipment, net	112.4	86.7	[2]
Deferred income taxes – noncurrent	22.6	38.0	[2]
Goodwill	185.8	185.8	[2]
Intangible assets, net	53.2	57.4	[2]
Other assets	83.2	90.9	[2]
Total assets	2,445.2	2,571.9	[2]
Short-term borrowings	0	0	[2]
Current portion of long-term debt	31.5	65.4	[2]
Accounts payable	68.3	72.2	[2]
Accrued expenses and other	159.0	161.8	[2]
Intercompany payables	672.9	790.0	[2]
Long-term debt	1,831.7	1,861.4	[2]
Other long-term liabilities	238.8	137.6	[2]
Total liabilities	3,002.2	3,088.4	[2]
Stockholder’s deficiency	(557.0)	(516.5)	[2]
Total liabilities and stockholder’s deficiency	2,445.2	2,571.9	[2]
Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	88.1	0.8		0	0.1
Trade receivables, less allowances for doubtful accounts	39.7	24.5
Inventories	30.6	9.5
Deferred income taxes – current	0	0
Prepaid expenses and other	6.2	4.7
Intercompany receivables	630.0	614.5
Investment in subsidiaries	(161.4)	(60.2)
Property, plant and equipment, net	28.0	0.6
Deferred income taxes – noncurrent	0	0
Goodwill	30.0	30.0
Intangible assets, net	164.6	0.3
Other assets	2.9	1.6
Total assets	858.7	626.3
Short-term borrowings	0	1.8
Current portion of long-term debt	0	0
Accounts payable	19.0	6.2
Accrued expenses and other	24.5	13.4
Intercompany payables	703.6	675.9
Long-term debt	0	0
Other long-term liabilities	4.4	2.9
Total liabilities	751.5	700.2
Stockholder’s deficiency	107.2	(73.9)
Total liabilities and stockholder’s deficiency	858.7	626.3
Non-Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	83.0	102.0	[2],[3]	57.2	43.9
Trade receivables, less allowances for doubtful accounts	111.4	140.3	[2],[3]
Inventories	50.5	87.5	[2],[3]
Deferred income taxes – current	12.2	12.6	[2],[3]
Prepaid expenses and other	24.8	39.8	[2],[3]
Intercompany receivables	129.6	474.1	[2],[3]
Investment in subsidiaries	0	0	[2],[3]
Property, plant and equipment, net	71.6	108.6	[2],[3]
Deferred income taxes – noncurrent	12.2	12.9	[2],[3]
Goodwill	248.3	256.5	[2],[3]
Intangible assets, net	110.0	302.4	[2],[3]
Other assets	27.2	31.3	[2],[3]
Total assets	880.8	1,568.0	[2],[3]
Short-term borrowings	6.6	6.1	[2],[3]
Current portion of long-term debt	0	0	[2],[3]
Accounts payable	66.2	87.3	[2],[3]
Accrued expenses and other	89.8	138.4	[2],[3]
Intercompany payables	375.6	674.0	[2],[3]
Long-term debt	0.7	0.9	[2],[3]
Other long-term liabilities	47.7	57.9	[2],[3]
Total liabilities	586.6	964.6	[2],[3]
Stockholder’s deficiency	294.2	603.4	[2],[3]
Total liabilities and stockholder’s deficiency	880.8	1,568.0	[2],[3]
Consolidation, Eliminations [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0	0		0	0
Trade receivables, less allowances for doubtful accounts	0	0
Inventories	0	0
Deferred income taxes – current	0	0
Prepaid expenses and other	0	0
Intercompany receivables	(1,752.1)	(2,139.9)
Investment in subsidiaries	(401.4)	(529.5)
Property, plant and equipment, net	0	0
Deferred income taxes – noncurrent	0	0
Goodwill	0	0
Intangible assets, net	0	0
Other assets	0	0
Total assets	(2,153.5)	(2,669.4)
Short-term borrowings	0	0
Current portion of long-term debt	0	0
Accounts payable	0	0
Accrued expenses and other	0	0
Intercompany payables	(1,752.1)	(2,139.9)
Long-term debt	0	0
Other long-term liabilities	0	0
Total liabilities	(1,752.1)	(2,139.9)
Stockholder’s deficiency	(401.4)	(529.5)
Total liabilities and stockholder’s deficiency	(2,153.5)	(2,669.4)
Consolidated Entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	275.3	244.1		116.3	101.7
Trade receivables, less allowances for doubtful accounts	238.9	253.5
Inventories	156.6	175.0
Deferred income taxes – current	58.4	65.1
Prepaid expenses and other	150.0	156.1
Intercompany receivables	0	0
Investment in subsidiaries	0	0
Property, plant and equipment, net	212.0	195.9
Deferred income taxes – noncurrent	34.8	50.9
Goodwill	464.1	472.3
Intangible assets, net	327.8	360.1
Other assets	113.3	123.8
Total assets	2,031.2	2,096.8
Short-term borrowings	6.6	7.9
Current portion of long-term debt	31.5	65.4
Accounts payable	153.5	165.7
Accrued expenses and other	273.3	313.6
Intercompany payables	0	0
Long-term debt	1,832.4	1,862.3
Other long-term liabilities	290.9	198.4
Total liabilities	2,588.2	2,613.3
Stockholder’s deficiency	(557.0)	(516.5)
Total liabilities and stockholder’s deficiency	$ 2,031.2	$ 2,096.8

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

[2] (b) In the second quarter of 2014, the Company retrospectively adjusted deferred taxes for an immaterial correction, as discussed in Note 1, Description of Business and Basis of Presentation. For the Guarantor financials, the correction also included moving certain tax balances from the Non-Guarantor's to Products Corporation's Balance Sheet as of December 31, 2013.

[3] (a) During the three months ended March 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) In Millions, unless otherwise specified	15 Months Ended	2 Months Ended	10 Months Ended	12 Months Ended	21 Months Ended	22 Months Ended	17 Months Ended	26 Months Ended
	Dec. 31, 2014	Feb. 25, 2014	Dec. 31, 2014	Dec. 31, 2014	Feb. 21, 2013	Dec. 31, 2014	Dec. 31, 2014	Aug. 13, 2013	Dec. 31, 2013		Oct. 09, 2013	Feb. 26, 2014	Feb. 20, 2013	Dec. 24, 2013	Feb. 08, 2013
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 31.5		$ 31.5	$ 31.5		$ 31.5	31.5
Total long-term debt, net of discounts	1,863.9		1,863.9	1,863.9		1,863.9	1,863.9		1,927.7
Less current portion	(31.5)		(31.5)	(31.5)		(31.5)	(31.5)		(65.4)	[1]
Long-term debt	1,832.4		1,832.4	1,832.4		1,832.4	1,832.4		1,862.3	[1]
Long-term Debt, Maturities, Repayments of Principal in Year Two	7.0		7.0	7.0		7.0	7.0
Long-term Debt, Maturities, Repayments of Principal in Year Three	669.8		669.8	669.8		669.8	669.8
Long-term Debt, Maturities, Repayments of Principal in Year Four	7.0		7.0	7.0		7.0	7.0
Long-term Debt, Maturities, Repayments of Principal in Year Five	653.1		653.1	653.1		653.1	653.1
Long-term Debt, Maturities, Repayments of Principal after Year Five	500.3		500.3	500.3		500.3	500.3
Aggregate principal amount outstanding	1,868.7		1,868.7	1,868.7		1,868.7	1,868.7
Debt Instrument, Unamortized Discount	(4.8)		(4.8)	(4.8)		(4.8)	(4.8)
Acquisition Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	3.00%
Aggregate principal amount outstanding	693.0		693.0	693.0		693.0	693.0				700.0
2011 Term Loan
Debt Instrument [Line Items]
Repayments of Debt				1.8
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	1.7		1.7	1.7		1.7	1.7
Basis spread on alternative base rate (percent)	2.00%	2.00%	1.50%		2.50%	2.00%
Basis spread on variable rate (percent)		3.00%	2.50%		3.50%	3.00%
Less current portion	(31.5)		(31.5)	(31.5)		(31.5)	(31.5)
Aggregate principal amount outstanding	675.0		675.0	675.0	675.0	675.0	675.0					675.0	788.0
Amended Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	0		0	0		0	0		0
Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Days to file registration statement				150 days
Senior Secured Notes, net of discounts	500.0		500.0	500.0		500.0	500.0		500.0
Aggregate principal amount outstanding	500.0		500.0	500.0		500.0	500.0							500.0	500.0
Amended and Restated Senior Subordinated Term Loan Due 2014
Debt Instrument [Line Items]
Senior subordinated term loan	0		0	0		0	0		58.4
Spanish Government Loan Due 2025
Debt Instrument [Line Items]
Other Long-term Debt	0.7		0.7	0.7		0.7	0.7		0.9
Amended Term Loan Facility
Debt Instrument [Line Items]
Reinvestment Right Period						365 days
Amended Term Loan Facility | Acquisition Term Loan
Debt Instrument [Line Items]
Other Long-term Debt	691.6		691.6	691.6		691.6	691.6		698.3
Amended Term Loan Facility | 2011 Term Loan
Debt Instrument [Line Items]
Other Long-term Debt	$ 671.6		$ 671.6	$ 671.6		$ 671.6	671.6		$ 670.1
Less than $92,000,000 but greater than $46,000,000 [Member] | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on alternative base rate (percent)							0.75%
Basis spread on variable rate (percent)							1.75%
Less Than $46,000,000 [Member] | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on alternative base rate (percent)							1.00%
Basis spread on variable rate (percent)							2.00%
Greater than $92,000,000 [Member] | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on alternative base rate (percent)							0.50%
Basis spread on variable rate (percent)							1.50%
Debt Instrument, Redemption, Period Three [Member] | Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				101.438%
Debt Instrument, Redemption, Period Four [Member] | Senior Notes 5 3/4% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				100.00%
Minimum | 2011 Term Loan
Debt Instrument [Line Items]
Basis spread on alternative base rate (percent)					2.25%	2.00%
Basis spread on variable rate (percent)					1.25%	1.00%
Minimum | Amended Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percent)							1.50%	2.00%

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

As of December 31, 2014, MacAndrews & Forbes beneficially owned approximately 78% of Revlon, Inc.'s Class A Common Stock representing approximately 78% of Revlon, Inc.’s outstanding shares of voting capital stock. Revlon, Inc. in turn directly owns all 5,260 outstanding shares of Products Corporation's common stock. As a result, MacAndrews & Forbes is able to elect the entire Board of Directors of Revlon, Inc. and Products Corporation and control the vote on all matters submitted to a vote of Revlon, Inc.'s and Products Corporation's stockholders. MacAndrews & Forbes is wholly-owned by Ronald O. Perelman, Chairman of Revlon, Inc.’s and Products Corporation's Board of Directors.

Transfer Agreements

In June 1992, Revlon, Inc. and Products Corporation entered into an asset transfer agreement with Revlon Holdings LLC, a Delaware limited liability company and formerly a Delaware corporation known as Revlon Holdings Inc. ("Revlon Holdings"), and which is an affiliate and an indirect wholly-owned subsidiary of MacAndrews & Forbes, and certain of Revlon Holdings’ wholly-owned subsidiaries. Revlon, Inc. and Products Corporation also entered into a real property asset transfer agreement with Revlon Holdings. Pursuant to such agreements, in June 1992, Revlon Holdings transferred certain assets to Products Corporation and Products Corporation assumed all of the liabilities of Revlon Holdings, other than certain specifically excluded assets and liabilities (the liabilities excluded are referred to as the "Excluded Liabilities"). Certain consumer products lines sold in demonstrator-assisted distribution channels considered not integral to the Company's business and that historically had not been profitable and certain other assets and liabilities were retained by Revlon Holdings. Revlon Holdings agreed to indemnify Revlon, Inc. and Products Corporation against losses arising from the Excluded Liabilities, and Revlon, Inc. and Products Corporation agreed to indemnify Revlon Holdings against losses arising from the liabilities assumed by Products Corporation. The amounts reimbursed by Revlon Holdings to Products Corporation for the Excluded Liabilities was $0.2 million for each of 2014 and 2013, and $0.3 million for 2012. A $0.1 million receivable balance from MacAndrews & Forbes was included within prepaid expenses and other in the Company’s Consolidated Balance Sheets for transactions subject to the Transfer Agreements, at December 31, 2014 and 2013.

Reimbursement Agreements

Revlon, Inc., Products Corporation and MacAndrews & Forbes Inc. (a wholly-owned subsidiary of MacAndrews & Forbes) have entered into reimbursement agreements (the "Reimbursement Agreements") pursuant to which (i) MacAndrews & Forbes Inc. is obligated to provide (directly or through its affiliates) certain professional and administrative services, including, without limitation, employees, to Revlon, Inc. and its subsidiaries, including, without limitation, Products Corporation, and to purchase services from third party providers, such as insurance, legal, accounting and air transportation services, on behalf of Revlon, Inc. and its subsidiaries, including Products Corporation, to the extent requested by Products Corporation, and (ii) Products Corporation is obligated to provide certain professional and administrative services, including, without limitation, employees, to MacAndrews & Forbes and to purchase services from third party providers, such as insurance, legal and accounting services, on behalf of MacAndrews & Forbes to the extent requested by MacAndrews & Forbes, provided that in each case the performance of such services does not cause an unreasonable burden to MacAndrews & Forbes or Products Corporation, as the case may be.

The Company reimburses MacAndrews & Forbes for the allocable costs of the services purchased for or provided by MacAndrews & Forbes to the Company and its subsidiaries and for the reasonable out-of-pocket expenses incurred by MacAndrews & Forbes in connection with the provision of such services. MacAndrews & Forbes reimburses Products Corporation for the allocable costs of the services purchased for or provided by Products Corporation to MacAndrews & Forbes and for the reasonable out-of-pocket expenses incurred in connection with the purchase or provision of such services. Each of the Company, on the one hand, and MacAndrews & Forbes Inc., on the other, has agreed to indemnify the other party for losses arising out of the services provided by it under the Reimbursement Agreements, other than losses resulting from its willful misconduct or gross negligence.

The Reimbursement Agreements may be terminated by either party on 90 days' notice. The Company does not intend to request services under the Reimbursement Agreements unless their costs would be at least as favorable to the Company as could be obtained from unaffiliated third parties.

Revlon Inc., and the Company participate in MacAndrews & Forbes' directors and officers liability insurance program (the “D&O Insurance Program”), as well as its other insurance coverages, such as property damage, business interruption, liability and other coverages, which cover Revlon, Inc. and the Company, as well as MacAndrews & Forbes and its subsidiaries. The limits of coverage for certain of the policies are available on an aggregate basis for losses to any or all of the participating companies and their respective directors and officers. The Company reimburses MacAndrews & Forbes from time to time for their allocable portion of the premiums for such coverage or the Company pays the insurers directly, which premiums the Company believes are more favorable than the premiums the Company would pay were it to secure stand-alone coverage. Any amounts paid by the Company directly to MacAndrews & Forbes in respect of premiums are included in the amounts paid under the Reimbursement Agreements.

The net activity related to services provided and/or (purchased) under the Reimbursement Agreements during 2014 was $(3.8) million, which primarily included partial payments made by the Company to MacAndrews & Forbes during the first quarter of 2014 for premiums related to the Company's allocable portion of the 5-year renewal of the D&O Insurance Program for the period from January 31, 2012 through January 31, 2017. The net activity related to services provided and/or (purchased) under the Reimbursement Agreements during 2013 was $(6.1) million, which primarily included a $6.1 million partial payment made by the Company to MacAndrews & Forbes during the first quarter of 2013 for premiums related to the Company's allocable portion of the 5-year renewal of the D&O Insurance Program for the period from January 31, 2012 through January 31, 2017. The net activity related to services provided and/or purchased under the Reimbursement Agreements during 2012 was $(14.9) million, which primarily included the initial $14.6 million partial pre-payment made by the Company to MacAndrews & Forbes during the first quarter of 2012 for premiums related to the Company’s allocable portion of the D&O Insurance Program. The receivable balances from MacAndrews & Forbes were nil at both December 31, 2014 and December 31, 2013 for transactions subject to the Reimbursement Agreements.

Tax Sharing Agreements

As a result of a debt-for-equity exchange transaction completed in March 2004 (the “2004 Revlon Exchange Transactions”), as of March 25, 2004, Revlon, Inc., Products Corporation and their U.S. subsidiaries were no longer included in the MacAndrews & Forbes Group for U.S. federal income tax purposes. See Note 16, “Income Taxes,” for further discussion on these agreements and related transactions in 2014, 2013 and 2012.

Other

Certain of Products Corporation’s debt obligations, including the Amended Credit Agreements and Products Corporation's 5¾% Senior Notes, have been, and may in the future be, supported by, among other things, subject to certain limited exceptions, all of the domestic subsidiaries of Products Corporation and, for the Amended Credit Agreements, guarantees from Revlon, Inc. The obligations under such guarantees are secured by, among other things, the capital stock of Products Corporation and, subject to certain limited exceptions, the capital stock of all of Products Corporation's domestic subsidiaries and 66% of the capital stock of Products Corporation's and its domestic subsidiaries' first-tier foreign subsidiaries. See Note 11, “Long Term Debt,” for a discussion of the terms of the Amended Credit Agreements and 5¾% Senior Notes.

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Financial Instruments - Additional Information (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Fair Value Measurements Of Financial Instruments [Line Items]
Revaluation of derivative financial instruments, tax	$ (2.3)	$ 1.0		$ 0
Standby and trade letters of credit for various corporate purposes	9.0	9.9
Accumulated other comprehensive loss	(243.2)	(149.8)	[1]	(208.2)	(200.9)
Standby Letters Of Credit Which Support Products Corporations Self Insurance Programs
Fair Value Measurements Of Financial Instruments [Line Items]
Standby and trade letters of credit for various corporate purposes	7.7	8.1
Foreign exchange contracts
Fair Value Measurements Of Financial Instruments [Line Items]
Derivative, notional amount	7.6	52.9
Interest Rate Swap
Fair Value Measurements Of Financial Instruments [Line Items]
Derivative, notional amount	400.0
Term of contract	3 years
Floor interest rate (percent)	1.00%
Fixed interest rate (percent)	2.0709%
Fixed interest rate on debt (percent)	5.0709%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(1.3)
Total
Fair Value Measurements Of Financial Instruments [Line Items]
Fair value of assets	0.2	3.5
Deferred Gain - Hedging
Fair Value Measurements Of Financial Instruments [Line Items]
Accumulated other comprehensive loss	$ (2.2)	$ 1.5		$ 0	$ 0

[1] During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

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GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following tables present details of the Company's total intangible assets for each of 2014 and 2013:

	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and Licenses	$	140.5	$	(23.5	)	$	117.0	14
Customer relationships	109.1		(13.4		)	95.7		17
Patents and Internally-Developed IP	16.2		(2.4		)	13.8		10
Total finite-lived intangible assets	$	265.8	$	(39.3	)	$	226.5
Indefinite-lived intangible assets:
Trade Names	$	101.3	$	—		$	101.3
Total indefinite-lived intangible assets	$	101.3	$	—		$	101.3
Total intangible assets	$	367.1	$	(39.3	)	$	327.8
	December 31, 2013 (a)
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and Licenses	$	142.1	$	(11.0	)	$	131.1	14
Customer relationships	111.5		(6.7		)	104.8		16
Patents and Internally-Developed IP	15.8		(1.3		)	14.5		10
Total finite-lived intangible assets	$	269.4	$	(19.0	)	$	250.4
Indefinite-lived intangible assets:
Trade Names	$	109.7	$	—		$	109.7
Total indefinite-lived intangible assets	$	109.7	$	—		$	109.7
Total intangible assets	$	379.1	$	(19.0	)	$	360.1

^(a) During the first quarter of 2014, the Company recorded Measurement Period Adjustments to customer relationships acquired in the Colomer Acquisition on October 9, 2013. Accordingly, 2013 has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details.

Summary of Changes in Goodwill

The following table reflects the estimated future amortization expense, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of December 31, 2014:

	Estimated Amortization Expense
2015	$	20.9
2016	20.7
2017	20.6
2018	19.6
2019	16.9
Thereafter	127.8
Total	$	226.5

Schedule of Goodwill [Table Text Block]

The following table presents the changes in goodwill by segment during each of 2014 and 2013:

	Consumer		Professional			Total
Balance at January 1, 2013	$	217.8	$	—		$	217.8
Goodwill acquired	—		255.7			255.7
Foreign currency translation adjustment	$	0.1	$	1.1		$	1.2
Balance at December 31, 2013 before Measurement Period Adjustments (a)	$	217.9	$	256.8		$	474.7
Measurement Period Adjustments	—		(2.4		)	(2.4		)
Balance at December 31, 2013	217.9		254.4			472.3
Foreign currency translation adjustment	—		(8.2		)	(8.2		)
Balance at December 31, 2014	$	217.9	$	246.2		$	464.1

^(a) As previously reported in the Company's 2013 Form 10-K.

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FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Products Corporation maintains standby and trade letters of credit for various corporate purposes under which Products Corporation is obligated, of which $9.0 million and $9.9 million (including amounts available under credit agreements in effect at that time) were maintained at December 31, 2014 and December 31, 2013, respectively. Included in these amounts is approximately $7.7 million and $8.1 million at December 31, 2014 and December 31, 2013, respectively, in standby letters of credit which support Products Corporation’s self-insurance programs. The estimated liability under such programs is accrued by Products Corporation.

Derivative Financial Instruments

The Company uses derivative financial instruments, primarily (i) FX Contracts, intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows, and (ii) interest rate hedging transactions, such as the 2013 Interest Rate Swap, intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness.

Foreign Currency Forward Exchange Contracts

The FX Contracts are entered into primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year.

The U.S. Dollar notional amount of the FX Contracts outstanding at December 31, 2014 and December 31, 2013 was $7.6 million and $52.9 million, respectively.

Interest Rate Swap Transaction

In November 2013, Products Corporation executed a forward-starting floating-to-fixed interest rate swap transaction with a 1.00% floor, based on a notional amount of $400 million in respect of indebtedness under the Acquisition Term Loan over a period of three years (the "2013 Interest Rate Swap"). The Company designated the 2013 Interest Rate Swap as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan with respect to the $400 million notional amount over the three-year term of the 2013 Interest Rate Swap. Under the terms of the 2013 Interest Rate Swap, Products Corporation will receive from the counterparty a floating interest rate based on the higher of three-month USD LIBOR or 1.00% commencing in May 2015, while paying a fixed interest rate payment to the counterparty equal to 2.0709% (which effectively fixes the interest rate on such notional amount at 5.0709% over the three-year term of the 2013 Interest Rate Swap.) For 2014, the 2013 Interest Rate Swap was deemed effective and therefore the changes in fair value related to the 2013 Interest Rate Swap have been recorded in Other Comprehensive Loss. As of December 31, 2014, the balance of deferred net losses on derivatives included in accumulated other comprehensive income was $(2.2) million after-tax. (See "Quantitative Information – Derivative Financial Instruments" below). The Company expects that $(1.3) million of the after-tax amounts related to the 2013 Interest Rate Swap will be reclassified into earnings over the next 12 months as a result of transactions that are expected to occur over that period. The amount ultimately realized in earnings may differ as the LIBOR is subject to change. Realized gains and losses are ultimately determined by actual rates at maturity of the derivative.

Credit Risk

Exposure to credit risk in the event of nonperformance by any of the counterparties is limited to the gross fair value of the derivative instruments in asset positions, which totaled $0.2 million and $3.5 million as of December 31, 2014 and December 31, 2013, respectively. The Company attempts to minimize exposure to credit risk by generally entering into derivative contracts with counterparties that have investment-grade credit ratings and are major financial institutions. The Company also periodically monitors any changes in the credit ratings of its counterparties. Given the current credit standing of the Company's counterparties to its derivative instruments, the Company believes the risk of loss under these derivative instruments arising from any non-performance by any of the counterparties is remote.

Quantitative Information – Derivative Financial Instruments

The effects of the Company’s derivative instruments on its consolidated financial statements were as follows:

(a) Fair Values of Derivative Financial Instruments in Consolidated Balance Sheets:

	Fair Values of Derivative Instruments
	Assets					Liabilities
	Balance Sheet	December 31, 2014		December 31, 2013		Balance Sheet	December 31, 2014		December 31, 2013
	Classification	Fair Value		Fair Value		Classification	Fair Value		Fair Value
Derivatives designated as hedging instruments:
2013 Interest Rate Swap(i)	Prepaid expenses and other	$	—	$	—	Accrued expenses and other	$	2.1	$	—
	Other assets	—		2.5		Other long-term liabilities	1.4		—
Derivatives not designated as hedging instruments:
FX Contracts(ii)	Prepaid expenses and other	$	0.2	$	1.0	Accrued Expenses	$	—	$	0.2

⁽ⁱ⁾ The fair values of the 2013 Interest Rate Swap at December 31, 2014 and December 31, 2013 were measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve at December 31, 2014 and December 31, 2013, respectively.

⁽ⁱⁱ⁾ The fair values of the FX Contracts at December 31, 2014 and December 31, 2013 were measured based on observable market transactions of spot and forward rates at December 31, 2014 and December 31, 2013, respectively.

(b) Effects of Derivative Financial Instruments on the Consolidated Statements of Income and Comprehensive (Loss) Income for each of 2014, 2013 and 2012:

	Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income
	Year Ended December 31,
	2014			2013		2012
Derivatives designated as hedging instruments:
2013 Interest Rate Swap, net of tax (a)	$	(3.7	)	$	1.5	$	—

^(a)  Net of tax (benefit) expense of $(2.3) million and $1.0 million for each of 2014 and 2013.

	Income Statement Classification	Amount of Gain (Loss) Recognized in Net Income
		Year Ended December 31,
		2014		2013		2012
Derivatives not designated as hedging instruments:
FX Contracts	Foreign currency gain (loss), net	$	0.5	$	2.2	$	(1.9	)

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SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales by Classes of Similar Products (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue from External Customer [Line Items]
Net sales	$ 501.0	$ 472.3	$ 497.9	$ 469.8	$ 491.0	$ 333.1	$ 344.7	$ 325.9	$ 1,941.0	$ 1,494.7	$ 1,396.4
Color cosmetics
Revenue from External Customer [Line Items]
Net sales									1,032.4	926.4	913.0
Percentage of net sales by classes of similar products (percent)									53.00%	62.00%	65.00%
Hair care
Revenue from External Customer [Line Items]
Net sales									545.0	263.9	191.1
Percentage of net sales by classes of similar products (percent)									28.00%	18.00%	14.00%
Beauty care and fragrance
Revenue from External Customer [Line Items]
Net sales									$ 363.6	$ 304.4	$ 292.3
Percentage of net sales by classes of similar products (percent)									19.00%	20.00%	21.00%